Foot Locker rides momentum to 'record' Q1 results
NEW YORK — Foot Locker has posted the best quarterly profit results in its history for the first quarter ended May 4. The company's net income for the quarter was $138 million, a 10% increased from $128 million for the same period last year.
The New York-based specialty athletic retailer's first quarter comparable store sales increased 5.2%.
"I am pleased to report that the thoughtful implementation of our strategic priorities continues to deliver record financial and operational results for our shareholders and other stakeholders" said Ken C. Hicks, chair of the board and CEO. "It takes a true team effort and excellent performance to generate the kind of momentum that enabled us to post the best quarterly profit results in our history as an athletic company — for the second year in a row. I want to thank all of our associates for their consistent focus on, and strong execution of, our key initiatives, which led to this achievement."
During the first quarter, the company opened 25 new stores, remodeled or relocated 64 stores and closed 39 stores. The company currently operates 3,321 stores in 23 countries in North America, Europe, Australia and New Zealand. In addition, 45 franchised stores were operating in the Middle East and South Korea.