NEW YORK — Foot Locker Inc. grew its fourth-quarter profit 42% amid higher sales and cost cuts.
The company earned a better-than-expected $81 million in the three months that ended Jan. 28, up from $57 million in the year-ago period.
Revenue increased 8% to $1.5 billion, from $1.39 billion. Same-store sales were up 7.5% in quarter.
During fiscal 2011, Foot Locker opened 70 new stores, relocated or remodeled 182, and closed 127. The chain had 3,369 total stores as of Jan. 28, down from 3,426 at the end of the previous fiscal year.