Current Report Filing (8-k)
February 25 2022 - 7:20AM
Edgar (US Regulatory)
0000850209
false
0000850209
2022-02-25
2022-02-25
iso4217:USD
xbrli:shares
iso4217:USD
xbrli:shares
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of the Securities
Exchange Act of 1934
Date of report (Date of earliest event reported): February
25, 2022 (February 24, 2022)
Foot Locker, Inc.
(Exact name of registrant as specified in charter)
New York |
1-10299 |
13-3513936 |
(State or other jurisdiction
of incorporation) |
(Commission
File Number) |
(IRS Employer
Identification No.) |
330 West 34th Street, New York, New York 10001 |
(Address of principal executive offices) (Zip Code) |
Registrant's telephone number, including area code: (212) 720-3700 |
|
Check the appropriate box below if the Form 8-K filing is intended to simultaneously
satisfy the filing obligation of the registrant under any of the following provisions:
☐ |
Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) |
☐ |
Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) |
☐ |
Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) |
☐ |
Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c)) |
Securities registered pursuant to Section 12(b) of the Act: |
Title of each class |
|
Trading Symbol(s) |
|
Name of each exchange on
which registered |
Common Stock, par value $0.01 per share |
|
FL |
|
New York Stock Exchange |
Indicate by check mark whether the registrant is an emerging growth company
as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934
(§240.12b-2 of this chapter).
Emerging growth company ☐
If an emerging growth company, indicate by check mark if the registrant
has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant
to Section 13(a) of the Exchange Act. ☐
Item 2.02. Results
of Operations and Financial Condition.
On February 25, 2022, Foot Locker,
Inc. (the “Company”) issued a press release (the “Press Release”) announcing its financial and operating results
for the fourth quarter and full-year of 2021. A copy of the Press Release is furnished as Exhibit 99.1 to this Current Report on Form
8-K, which, in its entirety, is incorporated herein by reference.
The Company is hosting a conference
call on February 25, 2022 to discuss its fourth quarter and full-year 2021 financial results, during which the Company will provide an
update on the business.
The Company is making reference
to financial measures not presented in accordance with U.S. generally accepted accounting principles (“GAAP”) in the Press
Release, investor presentation, and conference call. A reconciliation of these non-GAAP financial measures to the nearest comparable GAAP
financial measures is contained in the attached Press Release. The Company believes these non-GAAP financial measures provide useful information
to investors because they allow for a more direct comparison of the Company’s performance for the fourth quarter and full-year of
2021 to the Company’s performance in the comparable prior-year periods. The non-GAAP financial measures are provided in addition
to, and not as an alternative to, the Company’s reported results prepared in accordance with GAAP. A reconciliation to GAAP is provided
in the Condensed Consolidated Statements of Operations.
The information contained in Item
2.02 of this Current Report on Form 8-K, including Exhibit 99.1, shall not be deemed “filed” for purposes of Section 18 of
the Securities Exchange Act of 1934, as amended (the “Exchange Act”), or otherwise subject to the liabilities of that section,
and shall not be deemed incorporated by reference into any filing under the Securities Act of 1933, as amended (the “Securities
Act”), or the Exchange Act, except as expressly set forth by specific reference in such filing.
Item 7.01. Regulation
FD Disclosure.
Share Repurchase Program
In the Press Release, the Company
also announced, among other things, that its Board of Directors approved a new share repurchase program on February 24, 2022, authorizing
the Company to repurchase up to $1.2 billion of its Common Stock. The new share repurchase program has no expiration date, but may
be terminated by the Board at any time. Shares may be repurchased from time to time under the new share repurchase program through
a variety of methods, which may include open market purchases, privately-negotiated transactions, block trades, accelerated or other structured
share repurchase programs, or other means, all in accordance with the U.S. Securities and Exchange Commission’s (the “SEC”)
rules and other applicable legal requirements. The specific manner, timing, pricing, and amount of any transactions will be subject to
the Company’s discretion and may be based upon prevailing stock prices, general economic and market conditions, legal requirements,
and alternative opportunities that the Company may have for the use or investment of its capital. The Company may also from time to time
establish one or more plans under Rule 10b5-1 of the Exchange Act. The new share repurchase program does not obligate
the Company to acquire any particular amount of Common Stock, and it may be modified, suspended, or discontinued at any time. This authorization
replaced the February 2019 share repurchase program, which had approximately $449.5 million remaining available for repurchases upon its
cancellation.
Investor Presentation
In conjunction
with the Press Release, the Company also made available an investor presentation concerning its financial and operating results for the
fourth quarter and full-year of 2021. The investor presentation, which is available under the “Investor Relations” section
of the Company’s corporate website, located at investors.footlocker-inc.com, is included as Exhibit 99.2 to this Current Report
on Form 8-K, which, in its entirety, is incorporated herein by reference. Information on the Company’s corporate website is not,
and will not be deemed to be, a part of this Current Report on Form 8-K or incorporated into any other filings the Company may make with
the SEC.
The information contained in Item
7.01 of this Current Report on Form 8-K, including Exhibits 99.1 and 99.2, shall not be deemed “filed” for purposes of Section
18 of the Exchange Act, or otherwise subject to the liabilities of that section, and shall not be deemed incorporated by reference into
any filing under the Securities Act, or the Exchange Act, except as expressly set forth by specific reference in such filing.
Item 9.01. Financial Statements
and Exhibits.
(d) Exhibits.
SIGNATURE
Pursuant to the requirements of
the Exchange Act, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
|
FOOT LOCKER, INC. |
|
|
|
Date: February 25, 2022 |
By: |
/s/ Andrew E. Page |
|
|
Name: Andrew E. Page
Title: Executive Vice President and
Chief
Financial Officer |
Foot Locker (NYSE:FL)
Historical Stock Chart
From May 2024 to Jun 2024
Foot Locker (NYSE:FL)
Historical Stock Chart
From Jun 2023 to Jun 2024