Boston, MA 03/13/2014 (wallstreetpr) – Foot Locker, Inc. (NYSE:FL) a global shoes and apparel global retailer reported impressive earnings for full year and fourth quarter that beat estimates. The company’s fourth quarter earnings surged by highs of 28% to come in at 82 cents, beating consensus estimates of 75 cents. The impressive earnings per share was driven by a 5.3% increase in comparable store sales. The global retailer sales clocked a high of $1.791 billion beating consensus estimates of 1.775 billion
Fourth quarter results
Net income for the quarter came in at $121 million representing an increase of 19% compared to net income for the same period in 2013. Foot Locker gross profit for the quarter climbed to a high of $582 million an increase of 3.2% however, the company’s gross margin was down by 50 basis points coming in at 32.5%.
Full year results
Foot Locker, Inc. (NYSE:FL) registered double digit rise in earnings for full year which came in at $2.87 per share an increase of 16%, compared to earnings of 2012. The company’s earnings for full year was also high compared to Zacks consensus estimates of $2.79 per share. On a reported basis, Foot Locker earnings was up by 10.5% coming in at $2.85 per share
Foot Locker total sales for the year was up by 5.2% clocking in at a record high of $6.51 billion and beating consensus estimates of $6.48 in the process. The surge in sales was mainly driven by a 4.2% surge in comps.
Stores update
The year saw Foot Locker introducing 84 new outlets while also shutting down 140 under performing outlets and relocating 320 outlets.
Foot Locker Financial
Foot Locker, Inc. (NYSE:FL) closed the year with cash and cash equivalent amounting to $867 million with a debt of $139 million and total shareholders’ equity of $2, 496 million. The company was also able repurchase 6.4 million of its common shares worth $229 million.
Foot Locker, Inc. (NYSE:FL) was down by 1.04% on Wednesday trading session closing the day at a low of $45.69.
