NEW YORK, March 2, 2018 /PRNewswire/ -- Foot Locker,
Inc. (NYSE: FL), the New
York-based specialty athletic retailer, today reported
financial results for its fourth quarter and full year. The
Company's fiscal 2017 ended on February 3,
2018, reflecting a 14-week fourth quarter and 53-week year,
compared to the 13-week and 52-week periods in fiscal 2016.
The additional week is not included in comparable-store sales
results for the quarter or the year.
-
Fourth quarter
net loss was $49 Million, or
40 cents per
share
-
Excluding charges and adjustments, non-GAAP earnings per share
was $1.26
-
Fourth quarter comparable-store sales decreased 3.7
percent
"The dramatic shifts influencing the expectations and behaviors
of our customers continued to affect our business in the fourth
quarter, just as they have throughout 2017," said Richard Johnson, Chairman of the Board and Chief
Executive Officer. "That said, we remained a highly
profitable company in 2017, even though our sales and profit
results were not what we planned for going into the year.
Looking ahead, with the product and other strategic initiatives we
have underway, we believe we are positioned well, both
organizationally and financially, to successfully transform our
business to continue inspiring and serving an exceptionally dynamic
youth culture, for generations to come."
Fourth Quarter Results
The Company reported a net loss
of $49 million, or $0.40 per share, for the 14 weeks ended
February 3, 2018, compared to net
income of $189 million, or
$1.42 per share in the same period of
fiscal 2016. With the benefit of the extra week, total fourth
quarter sales increased 4.6 percent, to $2,210 million this year, compared to sales of
$2,113 million in the prior-year
fourth quarter. Excluding the effect of foreign exchange rate
fluctuations, total sales for the quarter increased 2.0 percent.
Fourth quarter comparable-store sales decreased 3.7
percent.
On a 14-week basis, the Company's gross margin rate decreased to
31.4 percent from 33.7 percent a year ago, reflecting the
continuation of a highly promotional marketplace environment, and
its SG&A expense rate increased to 19.1 percent from 18.7
percent in the fourth quarter of 2016.
Non-GAAP Adjustments
The quarterly results this year
included several one-time charges, all of which are detailed below
in the accompanying reconciliation of GAAP to non-GAAP
results. The two most significant adjustments were (1)
$99 million of incremental tax
expense, or $0.81 per share, due to
the recently-enacted reform of the U.S. tax code, virtually all of
which related to the levy for the deemed repatriation of offshore
earnings and (2) a $128 million
charge, pre-tax, or $0.66 per share
after tax, related to the Company's ongoing pension
litigation. This incremental litigation charge brings the
total liability recorded for this matter to $278 million. In the prior year period, the
Company's tax expense was affected by two non-recurring items,
which together increased reported earnings by five cents per share. These prior year
items are also noted in the GAAP to non-GAAP reconciliation
below.
Excluding the charges and adjustments in both years, fourth
quarter non-GAAP net income was $155
million, or $1.26 per share,
versus $1.37 in 2016. The extra
week in this year's fourth quarter results contributed $16 million to net income, or $0.12 per share. Excluding this benefit as
well, non-GAAP net income was $1.14
per share.
Fiscal Year Results
Sales for 2017 were $7,782 million, an increase of 0.2 percent
compared to sales of $7,766 million
in fiscal 2016 and the most in the Company's history as an athletic
business. Full-year comparable-store sales decreased 3.1
percent. Excluding the effect of foreign currency
fluctuations, total sales decreased 0.5 percent.
The Company's net income decreased to $284 million in 2017, or $2.22 per share, compared to net income of
$664 million, or $4.91 per share in 2016. On a non-GAAP,
52-week basis, earnings per share totaled $3.99 in 2017, a 17 percent decrease over last
year's non-GAAP earnings of $4.82.
"The efforts, passion, and intensity of our global team of
associates was every bit as strong this year as it was in recent
years of record financial performance --- perhaps even more so,"
continued Mr. Johnson, "and I cannot thank them enough for their
work this year. We believe we are well positioned to engage
with our customers in ways they find meaningful as they seek to
express their passion for the people, experiences, and products
that are important to them."
2018 Outlook
The Company currently expects a flat to
up low single-digit comparable-store sales performance for fiscal
2018 and gross margins to begin recovering from 2017's 31.6 percent
rate, which fell 2.3 percent from the gross margin rate in fiscal
2016. Including the effect of elevated and accelerated
digital investments, the Company's SG&A rate is expected to be
approximately 100 basis points higher in 2018.
"The first quarter of 2018 will likely see the continuation of
sales and margins in line with trends in the second half of 2017,"
said Lauren Peters, Executive Vice
President and Chief Financial Officer. "However, we are confident
that we will inflect back to positive comparable-store sales by the
middle of 2018, with the pace of sales continuing to gradually
strengthen in the second half of the year based on the improving
depth and variety of premium products we see coming from our key
vendors. We also expect a double-digit percentage increase in
annual earnings per share, with an effective tax rate in the 27 to
28 percent range and a lower share count both contributing to this
performance."
Financial Position
At February
3, 2018, the Company's merchandise inventories were
$1,278 million, 2.2 percent lower
than at the end of the fourth quarter last year. Using
constant currencies, inventory decreased 5.2 percent.
"The very strong inventory management performance by the Company
caused our inventory turns to improve for the full year despite top
line pressures, and allows us the flexibility going forward to flow
in the exciting product assortments we expect will fuel our
business as 2018 unfolds," added Ms. Peters.
The Company spent $105 million to
repurchase 2.8 million shares during the quarter and paid a
quarterly dividend of $0.31 per
share. For the full year, the Company returned $624 million to shareholders through its share
repurchase program and dividends, spending $467 million to repurchase 12.4 million shares,
and paying $157 million in
dividends. In addition, the Company invested approximately
$270 million in its store fleet, its
digital platform, logistics capabilities, and infrastructure.
The Company's cash totaled $849
million, while the debt on its balance sheet was
$125 million. The Company's
total cash position, net of debt, was $195
million lower than at the same time last year. The
reduction in cash was largely due to the pre-funding of
$150 million of the pension
litigation liability just before the end of the year. This
restricted cash is now reflected in Other Assets on the balance
sheet.
"Our financial position remains strong, as are our connections
to youth culture," concluded Ms. Peters. "We announced last
week that our Board of Directors has authorized another
double-digit percentage increase in our quarterly dividend to
$0.345 per share, and approved a
$230 million capital expenditures
program for 2018, both of which actions reflect the Board's
confidence in our ability to fund and execute the initiatives
necessary to transform the business while also continuing to return
cash to shareholders."
Store Base Update
During the fourth quarter, the
Company opened 28 new stores, remodeled or relocated 45 stores, and
closed 67 stores. As of February 3,
2018, the Company operated 3,310 stores in 24 countries in
North America, Europe, Australia, and New Zealand. In addition,
98 franchised Foot Locker stores were operating in the Middle East, as well as 14 franchised Runners
Point stores in Germany.
The Company is hosting a live conference call at 9:00 a.m. (EST) today, March 2, 2018, to review these results and
discuss the outlook for fiscal 2018. This conference call may
be accessed live by dialing 1-866-906-4691 (U.S. and Canada) or +44 203-107-0289 (International),
with the passcode 4893158, or via the Investor Relations section of
the Foot Locker, Inc. website at
http://www.footlocker-inc.com. Please log on to the website
15 minutes prior to the call in order to register. An archived
replay of the conference call can be accessed approximately two
hours following the end of the call at 1-855-859-2056 (U.S. and
Canada) or +1 404-537-3406
(International) with passcode 4893158 through March 16, 2018. A replay of the call will
also be available via webcast from the same Investor Relations
section of the Foot Locker, Inc. website at
http://www.footlocker-inc.com.
Disclosure Regarding Forward-Looking
Statements
This report contains forward-looking
statements within the meaning of the federal securities laws. Other
than statements of historical facts, all statements which address
activities, events, or developments that the Company anticipates
will or may occur in the future, including, but not limited to,
such things as future capital expenditures, expansion, strategic
plans, financial objectives, dividend payments, stock repurchases,
growth of the Company's business and operations, including future
cash flows, revenues, and earnings, and other such matters, are
forward-looking statements. These forward-looking statements are
based on many assumptions and factors which are detailed in the
Company's filings with the U.S. Securities and Exchange
Commission.
These forward-looking statements are based largely on our
expectations and judgments and are subject to a number of risks and
uncertainties, many of which are unforeseeable and beyond our
control. For additional discussion on risks and uncertainties that
may affect forward-looking statements, see "Risk Factors"
disclosed in the 2016 Annual Report on Form 10-K. Any changes in
such assumptions or factors could produce significantly different
results. The Company undertakes no obligation to update
forward-looking statements, whether as a result of new information,
future events, or otherwise.
Foot Locker,
Inc.
Condensed
Consolidated Statements of Operations
(unaudited)
Periods ended
February 3, 2018 and January 28, 2017
(In millions,
except per share amounts)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Fourth
Quarter
|
|
|
Fiscal
Year
|
|
|
|
|
2017
|
|
|
2016
|
|
|
2017
|
|
|
2016
|
Sales
|
|
|
$
|
2,210
|
|
$
|
2,113
|
|
$
|
7,782
|
|
$
|
7,766
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cost of
sales
|
|
|
|
1,517
|
|
|
1,400
|
|
|
5,326
|
|
|
5,130
|
SG&A
|
|
|
|
423
|
|
|
395
|
|
|
1,501
|
|
|
1,472
|
Depreciation and
amortization
|
|
|
|
46
|
|
|
40
|
|
|
173
|
|
|
158
|
Litigation and other
charges
|
|
|
|
148
|
|
|
—
|
|
|
211
|
|
|
6
|
Income from
operations
|
|
|
|
76
|
|
|
278
|
|
|
571
|
|
|
1,000
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest
(income)/expense, net
|
|
|
|
(1)
|
|
|
—
|
|
|
(2)
|
|
|
2
|
Other
income
|
|
|
|
(3)
|
|
|
(3)
|
|
|
(5)
|
|
|
(6)
|
Income before income
taxes
|
|
|
|
80
|
|
|
281
|
|
|
578
|
|
|
1,004
|
Income tax
expense
|
|
|
|
129
|
|
|
92
|
|
|
294
|
|
|
340
|
Net
(loss)/income
|
|
|
$
|
(49)
|
|
$
|
189
|
|
$
|
284
|
|
$
|
664
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Diluted
EPS
|
|
|
$
|
(0.40)
|
|
$
|
1.42
|
|
$
|
2.22
|
|
$
|
4.91
|
Weighted-average
diluted shares outstanding
|
|
|
|
120.6
|
|
|
133.3
|
|
|
127.9
|
|
|
135.1
|
Non-GAAP Financial Measures
In addition to reporting the Company's financial results in
accordance with generally accepted accounting principles ("GAAP"),
the Company reports certain financial results that differ from what
is reported under GAAP. In the following tables, we have presented
certain financial measures identified as non-GAAP, such as adjusted
income before income taxes, adjusted net income, and adjusted
diluted earnings per share. We present these non-GAAP measures
because we believe they assist investors in comparing our
performance across reporting periods on a consistent basis by
excluding items that we do not believe are indicative of our core
business or which affect comparability. In addition, these non-GAAP
measures are useful in assessing our progress in achieving our
long-term financial objectives.
The various non-GAAP adjustments are summarized on the following
tables. In addition, fiscal year 2017 represents the fourteen and
fifty-three weeks ended February 3,
2018. Accordingly, non-GAAP results have also been adjusted
to exclude the effects of the 53rd week. We estimate the tax effect
of all non-GAAP adjustments by applying a marginal tax rate to each
of the respective items. The income tax items represent the
discrete amount that affected the period.
The non-GAAP financial information is provided in addition to,
and not as an alternative to, our reported results prepared in
accordance with GAAP.
Foot Locker,
Inc. Condensed Consolidated Statements of
Operations
(unaudited)
Periods ended
February 3, 2018 and January 28, 2017
(In millions,
except per share amounts)
|
|
Reconciliation of
GAAP to non-GAAP results:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Fourth
Quarter
|
|
Fiscal
Year
|
|
2017
|
|
2016
|
|
2017
|
|
2016
|
|
|
Sales
|
$
|
2,210
|
|
$
|
2,113
|
|
$
|
7,782
|
|
$
|
7,766
|
53rd week
|
|
95
|
|
|
—
|
|
|
95
|
|
|
—
|
Sales excluding 53rd
week (non-GAAP)
|
$
|
2,115
|
|
$
|
2,113
|
|
$
|
7,687
|
|
$
|
7,766
|
|
|
|
|
|
|
|
|
|
|
|
|
Pre-tax
income:
|
|
|
|
|
|
|
|
|
|
|
|
Income before income
taxes
|
$
|
80
|
|
$
|
281
|
|
$
|
578
|
|
$
|
1,004
|
Pre-tax adjustments
excluded from GAAP:
|
|
|
|
|
|
|
|
|
|
|
|
Litigation and other
charges (1)
|
|
148
|
|
|
—
|
|
|
211
|
|
|
6
|
53rd week
|
|
(25)
|
|
|
—
|
|
|
(25)
|
|
|
—
|
Adjusted income
before income taxes (non-GAAP)
|
$
|
203
|
|
$
|
281
|
|
$
|
764
|
|
$
|
1,010
|
|
|
|
|
|
|
|
|
|
|
|
|
After-tax
income:
|
|
|
|
|
|
|
|
|
|
|
|
Net
(loss)/income
|
$
|
(49)
|
|
$
|
189
|
|
$
|
284
|
|
$
|
664
|
After-tax adjustments
excluded from GAAP:
|
|
|
|
|
|
|
|
|
|
|
|
Litigation and other
charges, net of income tax benefit of $53, $-, $78,
and $1 million, respectively (1)
|
|
95
|
|
|
—
|
|
|
133
|
|
|
5
|
U.S. tax reform
(2)
|
|
99
|
|
|
—
|
|
|
99
|
|
|
—
|
Income tax valuation
allowances (3)
|
|
8
|
|
|
—
|
|
|
8
|
|
|
—
|
Tax expense related to
French tax rate change (4)
|
|
2
|
|
|
2
|
|
|
2
|
|
|
2
|
Tax benefit related to
enacted change in foreign branch currency
regulations (5)
|
|
—
|
|
|
(9)
|
|
|
—
|
|
|
(9)
|
Tax benefit related to
intellectual property reassessment (6)
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(10)
|
53rd week, net of
income tax expense of $9 million
|
|
(16)
|
|
|
—
|
|
|
(16)
|
|
|
—
|
Adjusted net income
(non-GAAP)
|
$
|
139
|
|
$
|
182
|
|
$
|
510
|
|
$
|
652
|
Foot Locker,
Inc. Condensed Consolidated Statements of
Operations (unaudited)
Periods ended
February 3, 2018 and January 28, 2017
(In millions,
except per share amounts)
|
|
Reconciliation of
GAAP to non-GAAP results, continued:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Fourth
Quarter
|
|
Fiscal
Year
|
|
2017
|
|
2016
|
|
2017
|
|
2016
|
Earnings per
share:
|
|
|
|
|
|
|
|
|
|
|
|
Diluted
EPS
|
$
|
(0.40)
|
|
$
|
1.42
|
|
$
|
2.22
|
|
$
|
4.91
|
Diluted EPS amounts
excluded from GAAP:
|
|
|
|
|
|
|
|
|
|
|
|
Litigation and other
charges (1)
|
|
0.76
|
|
|
—
|
|
|
1.02
|
|
|
0.03
|
U.S. tax reform
(2)
|
|
0.81
|
|
|
—
|
|
|
0.78
|
|
|
—
|
Income tax valuation
allowances (3)
|
|
0.07
|
|
|
—
|
|
|
0.07
|
|
|
—
|
Tax expense related to
French tax rate change (4)
|
|
0.02
|
|
|
0.02
|
|
|
0.02
|
|
|
0.02
|
Tax benefit related to
enacted change in foreign branch currency
regulations (5)
|
|
—
|
|
|
(0.07)
|
|
|
—
|
|
|
(0.07)
|
Tax benefit related to
intellectual property reassessment (6)
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(0.07)
|
Adjusted diluted EPS
(non-GAAP), including 53rd week
|
$
|
1.26
|
|
$
|
1.37
|
|
$
|
4.11
|
|
$
|
4.82
|
53rd week
|
|
(0.12)
|
|
|
—
|
|
|
(0.12)
|
|
|
—
|
Adjusted diluted EPS
(non-GAAP)
|
$
|
1.14
|
|
$
|
1.37
|
|
$
|
3.99
|
|
$
|
4.82
|
Notes on Non-GAAP
Adjustments:
|
|
(1)
|
Litigation and other
charges for 2017 includes a pension litigation charge ($178
million, or $111 million after-tax), severance and related costs
($13 million, or $8 million after-tax), and impairment charges ($20
million, or $14 million after-tax). The 2016 amount represents
impairment charges of $6 million, or $5 million
after-tax.
Pension litigation - The Company recorded pre-tax charges of $50
million and $128 million in connection with its U.S. retirement
plan litigation during the second and fourth quarters of 2017,
respectively. The Company had previously recorded a pre-tax charge
for $100 million during 2015. These charges reflect the Company's
revised estimate of its exposure for this matter, bringing the
total pre-tax amount accrued to $278 million. The Company has
exhausted its legal remedies and will reform the pension plan as
required by the court rulings.
Severance and related
costs – The Company recorded a pre-tax charge of $13 million during
the third quarter of 2017 associated with the reorganization and
the reduction of staff taken to improve efficiency.
Impairment charges –
The Company recognized pre-tax impairment charges totaling $20
million during the fourth quarter of 2017. These charges were
associated with our SIX:02, Runners Point, and Sidestep businesses
and primarily represented the write-down of store fixtures and
leasehold improvements. The 2016 amount related to Runners Point
and Sidestep.
|
(2)
|
On December 22, 2017,
the United States enacted tax reform legislation that included a
broad range of business tax provisions. The recognized charge was
based on current interpretation of the tax law changes and includes
a $99 million tax liability for the mandatory deemed repatriation
of foreign sourced net earnings and a corresponding change in our
permanent reinvestment assertion under ASC 740-30. The tax effect
of remeasurement of our deferred tax assets and liabilities was not
significant. Our accounting for the new legislation is not complete
and we have made reasonable estimates for some tax provisions. We
exclude the discrete U.S. tax reform effect from our Adjusted
diluted EPS as it does not reflect our ongoing tax obligations
under U.S. tax reform.
|
(3)
|
During the fourth
quarter of 2017, the Company determined that certain valuation
allowances should be established against deferred tax assets
associated with the Runners Point and Sidestep stores and
e-commerce businesses.
|
(4)
|
During the fourth
quarters of 2017 and 2016, the Company recognized tax expense of $2
million in both periods in connection to two separate tax rate
reductions in France.
|
(5)
|
In the fourth quarter
of 2016, the U.S. Treasury issued regulations under Internal
Revenue Code Section 987, which required us to change our method
for determining the tax effects of foreign currency translation
gains and losses for our foreign businesses that are operated as
branches and are reported in a currency other than the currency of
their parent. This change resulted in an increase to deferred tax
assets and a corresponding reduction in our income tax provision in
the amount of $9 million.
|
(6)
|
During the third
quarter of 2016, we performed a scheduled reassessment of the value
of the intellectual property provided to our European business by
Foot Locker in the U.S. during the fourth quarter of 2012. The new,
higher valuation resulted in catch-up deductions that reduced tax
expense by $10 million.
|
Foot Locker,
Inc. Condensed Consolidated Balance Sheets
(unaudited)
(In
millions)
|
|
|
|
|
|
|
|
|
|
February
3,
|
|
January
28,
|
|
|
2018
|
|
2017
|
ASSETS
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Current
assets:
|
|
|
|
|
|
|
Cash and cash
equivalents
|
|
$
|
849
|
|
$
|
1,046
|
Merchandise
inventories
|
|
|
1,278
|
|
|
1,307
|
Other current
assets
|
|
|
424
|
|
|
280
|
|
|
|
2,551
|
|
|
2,633
|
Property and
equipment, net
|
|
|
866
|
|
|
765
|
Deferred
taxes
|
|
|
48
|
|
|
161
|
Other
assets
|
|
|
496
|
|
|
281
|
|
|
$
|
3,961
|
|
$
|
3,840
|
|
|
|
|
|
|
|
LIABILITIES AND
SHAREHOLDERS' EQUITY
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Current
liabilities:
|
|
|
|
|
|
|
Accounts
payable
|
|
$
|
258
|
|
$
|
249
|
Accrued and other
liabilities
|
|
|
358
|
|
|
363
|
|
|
|
616
|
|
|
612
|
Long-term debt and
obligations under capital leases
|
|
|
125
|
|
|
127
|
Other
liabilities
|
|
|
701
|
|
|
391
|
Total
liabilities
|
|
|
1,442
|
|
|
1,130
|
Total shareholders'
equity
|
|
|
2,519
|
|
|
2,710
|
|
|
$
|
3,961
|
|
$
|
3,840
|
Foot Locker,
Inc. Store and Square Footage
(unaudited)
|
|
Store activity is
as follows:
|
|
|
|
|
|
|
|
|
|
January
28,
|
|
|
February
3,
|
Relocations/
|
|
|
2017
|
Opened
|
Closed
|
2018
|
Remodels
|
Foot Locker
US
|
|
948
|
4
|
42
|
910
|
44
|
Foot Locker
Europe
|
|
622
|
24
|
10
|
636
|
47
|
Foot Locker
Canada
|
|
119
|
1
|
9
|
111
|
6
|
Foot Locker Asia
Pacific
|
|
95
|
5
|
2
|
98
|
9
|
Kids Foot
Locker
|
|
411
|
39
|
14
|
436
|
25
|
Lady Foot
Locker
|
|
124
|
—
|
39
|
85
|
—
|
Champs
Sports
|
|
545
|
4
|
8
|
541
|
24
|
Footaction
|
|
261
|
13
|
14
|
260
|
22
|
Runners
Point
|
|
122
|
1
|
5
|
118
|
7
|
Sidestep
|
|
86
|
—
|
3
|
83
|
1
|
SIX:02
|
|
30
|
3
|
1
|
32
|
—
|
Total
|
|
3,363
|
94
|
147
|
3,310
|
185
|
|
|
|
|
|
|
|
Selling and gross
square footage are as follows:
|
|
|
|
|
|
|
|
|
|
January 28,
2017
|
|
February 3,
2018
|
(in
thousands)
|
|
Selling
|
Gross
|
|
Selling
|
Gross
|
Foot Locker
US
|
|
2,453
|
4,250
|
|
2,430
|
4,225
|
Foot Locker
Europe
|
|
907
|
1,971
|
|
957
|
2,071
|
Foot Locker
Canada
|
|
265
|
432
|
|
264
|
431
|
Foot Locker Asia
Pacific
|
|
134
|
220
|
|
140
|
230
|
Kids Foot
Locker
|
|
688
|
1,175
|
|
747
|
1,285
|
Lady Foot
Locker
|
|
167
|
280
|
|
115
|
195
|
Champs
Sports
|
|
1,930
|
2,978
|
|
1,934
|
2,994
|
Footaction
|
|
786
|
1,309
|
|
829
|
1,374
|
Runners
Point
|
|
162
|
267
|
|
150
|
258
|
Sidestep
|
|
81
|
135
|
|
76
|
131
|
SIX:02
|
|
61
|
101
|
|
65
|
109
|
Total
|
|
7,634
|
13,118
|
|
7,707
|
13,303
|
Foot Locker,
Inc.
Key Performance Indicators
(unaudited)
|
|
The change in
comparable-store sales for the 13 week period ended January 27,
2018 was:
|
|
|
|
|
|
Change in
Comparable Sales *
|
Foot Locker
US
|
|
Down Low-Single
Digits
|
Foot Locker
Europe
|
|
Down Low-Double
Digits
|
Foot Locker
Canada
|
|
Down Mid-Single
Digits
|
Foot Locker Asia
Pacific
|
|
Down Mid-Single
Digits
|
Kids Foot
Locker
|
|
Down Low-Single
Digits
|
Champs
Sports
|
|
Down Low-Single
Digits
|
Footaction
|
|
Down High-Single
Digits
|
Runners
Point
|
|
Up Low-Single
Digits
|
Sidestep
|
|
Up Low-Single
Digits
|
SIX:02
|
|
Down Double
Digits
|
Total Store
Divisions
|
|
-5.1%
|
|
|
|
Eastbay
|
|
Up High-Single
Digits
|
U.S.
Banners
|
|
Up Low-Single
Digits
|
Europe
|
|
Up High-Single
Digits
|
Canada
|
|
Up Double
Digits
|
Total
Direct-to-Customer
|
|
4.3%
|
|
|
|
The change in
store traffic was as follows:
|
|
|
|
|
|
Change in Traffic
*
|
U.S. store
traffic
|
|
Flat
|
International store
traffic
|
|
Down Low-Single
Digits
|
|
* The descriptions
indicated represent a range of percentage changes for the 13 weeks
ended January 27, 2018 compared to
the 13 weeks ended January 28,
2017.
|
Contact:
|
John A.
Maurer
Vice
President,
Treasurer and
Investor Relations
Foot Locker,
Inc.
(212)
720-4092
|
|
|
|
|
View original
content:http://www.prnewswire.com/news-releases/foot-locker-inc-reports-2017-fourth-quarter-and-full-year-results-300607199.html
SOURCE Foot Locker, Inc.