Foot Locker sales down 0.7% in third quarter
The New York-based athletic retailer, Foot Locker, has posted a 0.7% decline in global sales for the third quarter ended November 2, 2002 of $1.1 billion, with a 0.5% fall being seen in year-to-date sales at $3.3 billion. Excluding the effect of foreign currency fluctuations, total sales for the 13-week and 39 week periods increased 2.1 percent and 3.1 percent, respectively.
"The Company's comparable-store sales improved during September and October, from a weak result in August," stated Matthew D. Serra, Foot Locker, Inc.'s President and Chief Executive Officer. "We continue to expect our third quarter gross margin rate to increase versus last year, reflecting better merchandise buying. As such, we currently expect third quarter earnings to be within our previously stated range of $0.28-to-$0.30 per share."
