Foot Locker reports Q3 Results
21/11/2005
Foot Locker, Inc., the New York-based specialty athletic retailer, has reported financial results for its third quarter ended October 29, 2005 . Net income for the quarter was $66 million, compared with $74 million in the third quarter of last year. Sales increased 3.1% to $1,408 million this year compared with sales of $1,366 million in the year-ago period. Third quarter comparable-store sales increased 2.7%.
"Our business in North America was very solid during the third quarter, with strongest sales and profit increases posted by our Footaction, Champs Sports and Foot Locker Canada divisions," stated Matthew D. Serra, Foot Locker, Inc.'s chairman and chief executive officer. "Third quarter results were negatively impacted, however, by our increased promotional activity in Europe that resulted in a reduction in our inventory growth and allowed us to compete better in certain local markets."
Year-to-date net income was $168 million, compared $204 million last year. Year-to-date sales increased 7% to $4,089 million compared with sales of $3,820 million last year. Comparable-store sales increased 2.2%.
Year-to-date net income was $168 million, compared $204 million last year. Year-to-date sales increased 7% to $4,089 million compared with sales of $3,820 million last year. Comparable-store sales increased 2.2%.
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