Boston, MA 03/11/2014 (wallstreetpr) – Foot Locker, Inc. (NYSE:FL) is one retail company to break out of the bad holiday season. The company reported strong financial results for the fourth quarter and the full fiscal ended February 1, 2014.
Fourth Quarter and Full Year Results:
Foot Locker, Inc. (NYSE:FL) reported an increase of 19% in net income for the fourth quarter. The net income increased to $121 million translating to $0.81 per share. On a non-GAAP basis, the earnings were $0.82 per share, an increase of 28% over the same period last year. Revenues were also up by 4.6% in the fourth quarter on y-on-y basis. The company recorded revenues of $1.79 billion in 4Q2013 as compared to $1.71 billion in 4Q2012.Comparable same store sales increased by more than 5% on year-on-year basis.
Foot Locker ended the year on a strong note. The net income for the full fiscal 2013 was $429 million against $397 million for the same period last year. Earnings on a non-GAAP basis were $2.87 in 2013, representing a 16% increase over $2.47 per share in 2012. This is the fourth time in as many years that the company has registered double digit growth in earnings> revenues also increased by 5% to $6.51 billion against $6.18 billion for 2012. These were also the highest sales ever recorded by the company. Comparable stores sales also witnessed a 4% increase over last year.
Growth plans for 2014:
Foot Locker, Inc. (NYSE:FL) has also chalked up its plan for 2014. The company wants to exploit the potential in children’s business and also develop its own online ecommerce platform. The company is improving its assortments as well as working with vendors for shop-in-shop partnerships. Foot Locker is expanding in Europe as well as remodeling its stores to attract customers. The board has authorized $220 million capital expenditure plan for 2014. In 2013, the company opened 84 new stores while closing 140. It also remodeled or relocated 320 stores during the same period.
