Foot Locker, Inc. (NYSE:FL) came out with fourth-quarter and full-year financial numbers Friday.
The Company reported net income of $158 million, or $1.39 per share, for the 13 weeks ended February 2, 2019, compared to a net loss of $49 million, or $0.40 per share, for the 14 weeks of fiscal 2017. On a non-GAAP basis, the Company earned $1.56 cents per share, a 37 % increase over the comparable 13-week non-GAAP earnings per share of $1.14 in 2017.
Fourth-quarter comparable-store sales increased 9.7%. Total sales increased 2.8%, to $2,272 million this year, compared with sales of $2,210 million in 2017, which included $95 million of sales in the 53rd week last year. Excluding the effect of foreign exchange rate fluctuations, total sales for the fourth quarter increased 4.2%.
According to CEO Richard Johnson, "The fundamentals of our core business remain strong and led to meaningful improvement in our financial results, not only during the fourth quarter but throughout 2018.
"This positive performance was made possible by our team's unrelenting focus on providing compelling assortments to our customers, launching exciting collaborations with our strategic partners, both long-standing and new, and making our stores and digital channels unique and exciting destinations."
Sales for 2018 were $7,939 million, an increase of 2.0 percent compared to sales of $7,782 million in fiscal 2017 and the highest in the Company's history as an athletic business.
The Company's net income increased to $541 million in 2018, or $4.66 per share. In the 53-week fiscal 2017, the Company reported net income of $284 million, or $2.22 per share.
Shares popped $8.26, or 13.9%, to $67.78.
Related Stories
