Foot Locker – FL – Financial results for its second quarter
NYSE: FL), the New York-based specialty athletic retailer, reported financial results for its second quarter ended July 28, 2012.
FL Second Quarter Results
Net income for the Company’s second quarter ended July 28, 2012 was $59 million, or $0.39 per share, compared with net income of $37 million, or $0.24 per share, last year. Second quarter sales increased 7.2 percent, to $1,367 million this year, compared with sales of $1,275 million for the corresponding prior-year period. Second quarter comparable-store sales increased 9.8 percent. Excluding the effect of foreign currency fluctuations, total sales for the second quarter increased 10.6 percent.
FL Year-to-Date Results
Net income for the Company’s first six months of the year increased 43 percent to $187 million, or $1.21 per share, compared with net income of $131 million, or $0.84 per share, for the corresponding period last year. Year-to-date sales increased 8.0 percent, to $2,945 million, compared with sales of $2,727 million last year. Year-to-date comparable-store sales increased 9.8 percent. Excluding the effect of foreign currency fluctuations, total sales year-to-date increased 10.1 percent.
“I’m very proud of the entire Foot Locker, Inc. team,” said Ken C. Hicks, Chairman and Chief Executive Officer. “We have achieved consistently strong financial and operational results since we began implementing our long-term plan over two years ago. This consistency was also evident with the good profitability we achieved this quarter across our divisions, from the North American stores, to Europe, and to our direct-to-customer business.”
FL Financial Position
The Company’s merchandise inventory at the end of the second quarter was $1,231 million, 3 percent lower than at the end of the second quarter last year. On a per store basis using constant currencies, inventory grew approximately 1 percent.
During the second quarter of 2012, the Company repurchased approximately 1.2 million shares of its common stock for $37.5 million. Year-to-date, the Company has repurchased approximately 2.1 million shares of its common stock for $64.6 million under the Company’s $400 million share repurchase program. At July 28, 2012, the Company’s cash and short-term investments totaled $820 million, while the debt on its balance sheet was $133 million. The Company’s total cash position, net of debt, was $142 million higher than the same time last year.
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Post Written By: Ed Liston
Ed Liston is a senior contributing editor at TheStockMarketWatch.com. An active market watcher and investor, Ed guides an independent team of experienced analysts and writes for multiple stock trader publications. He is widely quoted in various financial publications on the Internet. When Ed is not writing about stocks, investing in stocks, talking about stocks, or otherwise doing something stock related, he likes to go sailing and fishing in his yacht.
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