Foot Locker Reports EPS of $0.39 vs. $0.37; Revenue $1.392B vs. $1.38B

Foot Locker, Inc.

today reported financial results for its fourth quarter and full year ended January 29, 2011. The Company reported net income of $57 million, or $0.36 per share, for the fourth quarter of 2010. These results included an after-tax charge of $4 million ($0.03 per share) for the write-down of assets, net of the partial recovery of a short-term investment that was written down in 2008. In the year-ago period, the Company reported net income of $23 million, or $0.14 per share, which included after-tax charges of $16 million ($0.10 per share) related to inventory write-downs, corporate restructuring costs and an income tax adjustment. Excluding the net charges in both years, fourth quarter non-GAAP net income was $61 million, or $0.39 per share, in 2010 versus $39 million, or $0.24 per share, in 2009. This represents a 63 percent increase in the adjusted net income per share amounts. Fourth quarter comparable-store sales increased 7.3 percent. Total fourth quarter sales increased 5.1 percent to $1,392 million this year, compared with sales of $1,325 million for the corresponding prior-year period. Excluding the effect of foreign currency fluctuations, total sales for the thirteen-week period increased 6.5 percent.