Stock Market Watch

Foot Locker Up after Exceeding Estimates-Hiking Dividend

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Foot Locker, Inc. (NYSE:FLFoot Locker Inc) shares are steady in morning trade and traded at a 52 week high after the company reported revenues and earnings for its fourth quarter above analyst forecasts.

The Company reported adjusted net income was $84 million, or $0.55 per share, in 2011 versus $61 million, or $0.39 per share, in 2010.  This represents a 41 percent increase in the adjusted net income per share amounts. This exceeded consensus forecasts by 4 cents a share.

Fourth quarter comparable-store sales increased 7.5 percent.  Total fourth quarter sales increased 7.9 percent, to $1.502 billion this year, compared with sales of $1.392 billion for the corresponding prior-year period.  Excluding the effect of foreign currency fluctuations, total sales for the fourth quarter increased 8.2 percent. This came in above consensus forecasts of $1.49 billion.

Foot Locker said its annual profit rose 65 percent to $278 million, or $1.80 per share, in 2011. That compares with $169 million, or $1.07 per share, in 2010. Its revenue grew 11 percent, to $5.62 billion from $5.05 billion.

Separately the company declared a quarterly cash dividend on the Company’s common stock of $0.18 per share, which will be payable on April 27, 2012 to shareholders of record on April 13, 2012.  This dividend represents a 9 percent increase over the Company’s previous quarterly per share amount.

“The strategies our team identified and began implementing two years ago have elevated our financial and operational performance to new heights,” said Ken C. Hicks, Chairman of the Board and Chief Executive Officer of Foot Locker, Inc.  ”As a result of the efforts of our entire team, we approached or surpassed many of the financial goals the organization set for ourselves in just the second year of our current five year plan.”

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edliston
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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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.

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