posts record earnings for first quarter Foot Locker
Net income for the Company's first quarter, ended May 2, $184 million, compared with net income of $162 million last year, a 17 percent increase. First quarter comparable-store sales increased 7.8 percent. Total first quarter sales increased 2.6 percent, to $1,916 million this year, compared with sales of $1,868 million a year prior. Excluding the effect of foreign currency fluctuations, total sales for the first quarter increased 7.9 percent.
"We have hit the ground running in 2015, producing the most profitable quarter in our history," said Richard Johnson, President and Chief Executive Officer. "We are focused on executing the updated strategic priorities that we described in our investor meeting in March, and the results in the first quarter demonstrate that we remain on the right track, with strong performances across our channels, geographies, banners, and categories."
The Company's gross margin rate improved to 35.0 percent of sales from 34.6 percent a year ago, while the selling, general, and administrative expense rate improved to 18.0 percent of sales from 19.0 percent.
"The team at Foot Locker continued to execute efficiently during the quarter, both operationally and financially," said Lauren Peters, Executive Vice President and Chief Financial Officer. "Driven by solid performance on the top line that flowed effectively to the bottom line, we delivered results which surpassed our guidance at the start of the year."
During its first quarter, Foot Locker opened 37 new stores and closed 41 stores. As of May 2, it operated 3,419 stores in 23 countries in North America, Europe, Australia, and New Zealand. In addition, 55 franchised Foot Locker stores were operating in the Middle East and South Korea, as well as 27 franchised Runners Point and Sidestep stores in Germany and Switzerland.
$1 = £0.64/€0.91
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