-----BEGIN PRIVACY-ENHANCED MESSAGE----- Proc-Type: 2001,MIC-CLEAR Originator-Name: webmaster@www.sec.gov Originator-Key-Asymmetric: MFgwCgYEVQgBAQICAf8DSgAwRwJAW2sNKK9AVtBzYZmr6aGjlWyK3XmZv3dTINen TWSM7vrzLADbmYQaionwg5sDW3P6oaM5D3tdezXMm7z1T+B+twIDAQAB MIC-Info: RSA-MD5,RSA, NPOfQ8219P+otF7GEuy2PmBPbUVjcJvPuoflIAvzm9O1evAnNpJfNJAkmFLLXZIT 9U0R+M483syf2vezL9be4w== 0000930413-08-001611.txt : 20080311 0000930413-08-001611.hdr.sgml : 20080311 20080311071710 ACCESSION NUMBER: 0000930413-08-001611 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 3 CONFORMED PERIOD OF REPORT: 20080310 ITEM INFORMATION: Results of Operations and Financial Condition ITEM INFORMATION: Financial Statements and Exhibits FILED AS OF DATE: 20080311 DATE AS OF CHANGE: 20080311 FILER: COMPANY DATA: COMPANY CONFORMED NAME: FOOT LOCKER INC CENTRAL INDEX KEY: 0000850209 STANDARD INDUSTRIAL CLASSIFICATION: RETAIL-SHOE STORES [5661] IRS NUMBER: 133513936 STATE OF INCORPORATION: NY FISCAL YEAR END: 0203 FILING VALUES: FORM TYPE: 8-K SEC ACT: 1934 Act SEC FILE NUMBER: 001-10299 FILM NUMBER: 08679356 BUSINESS ADDRESS: STREET 1: FOOT LOCKER INC. STREET 2: 112 WEST 34TH STREET CITY: NEW YORK STATE: NY ZIP: 10120 BUSINESS PHONE: 2127204477 MAIL ADDRESS: STREET 1: FOOT LOCKER INC. STREET 2: 112 WEST 34TH STREET CITY: NEW YORK STATE: NY ZIP: 10120 FORMER COMPANY: FORMER CONFORMED NAME: VENATOR GROUP INC DATE OF NAME CHANGE: 19980622 FORMER COMPANY: FORMER CONFORMED NAME: WOOLWORTH CORPORATION DATE OF NAME CHANGE: 19920703 8-K 1 c52670_8-k.htm

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): March 10, 2008

Foot Locker, Inc.
(Exact Name of Registrant as Specified in its Charter)

New York   1-10299   13-3513936
(State or other Jurisdiction   (Commission File Number)   (I.R.S. Employer
of Incorporation)       Identification No.)
 
112 West 34th Street, New York, New York   10120
(Address of Principal Executive Offices)   (Zip Code)

Registrant's telephone number, including area code: 212-720-3700

Former Name/Address
(Former name or former address, if changed from last report)

_____________________

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))

Item 2.02.      Results of Operation and Financial Condition

                       On March 10, 2008, Foot Locker, Inc. (the “Company”) issued a press release announcing its operating results for the fourth quarter and full year 2007. The press release includes a non-GAAP financial measure of fourth quarter and full-year net income before the non-cash impairment charges, the incremental expenses of closing stores, the reduction of an income tax valuation allowance, and the benefit of an additional week in fiscal 2006, which the Company believes is a useful measure to investors because it allows for a more direct comparison of the Company’s performance for the quarter and year with the Company’s performance in prior periods. A reconciliation schedule to GAAP is provided in the release.

                       A copy of the press release is furnished as Exhibit 99.1, which, in its entirety, is incorporated herein by reference.

Item 9.01.      Financial Statements and Exhibits

(c)       Exhibits

    99.1     

Press Release of Foot Locker, Inc. dated March 10, 2008 reporting operating results for the fourth quarter and full year 2007.

 

 

SIGNATURE

          Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

     
    FOOT LOCKER, INC.
    (Registrant)
 
Date: March 10, 2008   By:  /s/ Robert W. McHugh
      Senior Vice President and
      Chief Financial Officer

 

 


 EX-99.1 2 c52670_ex99-1.htm

EXHIBIT 99.1                                        


N E W S   R E L E A S E

Contact:     Peter D. Brown
  Senior Vice President,
  Chief Information Officer                       
  and Investor Relations
 
Foot Locker, Inc.
 
(212)720-4254

FOOT LOCKER, INC. REPORTS FOURTH QUARTER RESULTS

NEW YORK, NY, March 10, 2008 – Foot Locker, Inc. (NYSE: FL), the New York-based specialty athletic retailer, today reported financial results for its fourth quarter ended February 2, 2008. In accordance with the National Retail Federation’s recommended calendar, the Company’s prior fiscal year, which ended on February 3, 2007, reflected a 14-week fourth quarter and 53-week fiscal year, thereby adding one additional week to the 2006 fourth quarter and fiscal year periods.

Fourth Quarter Results

The Company reported net income of $87 million, or $0.56 per share, this year as compared with net income of $113 million, or $0.72 per share, last year. Income from continuing operations was $86 million, or $0.55 per share, this year as compared with $110 million, or $0.70 per share, last year.

This quarter’s results included a non-cash impairment charge to write down long-lived assets for the Company’s U.S. store operations pursuant to SFAS No. 144 and expenses associated with closing unproductive stores, totaling $15 million, after tax, or $0.10 per share. A $65 million, or $0.42 per share, income tax benefit was also recorded during the fourth quarter to decrease a Canadian income tax valuation allowance related primarily to income tax deductions that the Company now expects will be utilized. Last year’s results included a benefit of $18 million, or $0.11 per share, due to the additional week.

For comparative purposes, fourth quarter income from continuing operations, before the non-cash impairment charge, incremental expenses of closing stores and reduction of income tax valuation allowance in 2007, and the benefit of the additional week in 2006, was $36 million, or $0.23 per share, this year versus $92 million, or $0.59 per share, last year.

Sales for the 13-week fourth quarter decreased 10.3 percent to $1,482 million this year, compared with sales of $1,652 million in the 14-week year-earlier period, negatively affected by the additional week last year, and reflecting a 13-week comparable-store sales decrease of 7.8 percent.

“Our fourth quarter sales reflected a very challenging external environment, as overall consumer confidence weakened and retail sales, in general, softened,” stated Matthew D. Serra, Foot Locker, Inc.’s Chairman and Chief Executive Officer. “Due to lower than expected customer traffic, we employed an aggressive inventory clearance strategy to reduce our merchandise inventory and strengthen our cash position. As a result, we ended the year with our merchandise inventory well positioned for 2008, and our combined cash and short-term investments greater than at the end of the prior year.”

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Foot Locker, Inc. 112 West 34th Street, New York, NY 10120

Fiscal Year Results

For the full year, the Company reported net income of $53 million, or $0.34 per share, compared with net income of $251 million, or $1.60 per share, last year. Income from continuing operations was $51 million, or $0.33 per share in 2007, versus $247 million, or $1.58 per share, in 2006.

This year’s results included non-cash impairment charges pursuant to SFAS No. 144 and expenses associated with closing unproductive stores totaling $81 million, after tax, or $0.52 per share, and a Canadian income tax valuation allowance adjustment that increased net income by $65 million, or $0.42 per share. Last year’s results included an impairment charge pursuant to SFAS No. 144 of $12 million, after tax, or $0.08 per share, and an additional week that contributed $18 million, after tax, or $0.11 per share.

Income from continuing operations, before the non-cash impairment charges in 2007 and 2006, expenses of closing unproductive stores, and the income tax valuation allowance adjustment in 2007, and the additional week in 2006, was $67 million, or $0.43 per share this year, versus $241 million, or $1.55 per share, last year.

Sales for the 52-week 2007 period decreased 5.4 percent, to $5,437 million, compared with sales of $5,750 million for the 53-week 2006 fiscal year, negatively affected by the additional week last year and reflecting a comparable-store sales decrease of 6.3 percent.

Financial Position

At year end, the Company’s cash and short-term investments totaled $493 million. The Company’s total cash position, net of debt, at year end was $272 million, $36 million greater than last year. During the year, the Company invested $148 million in capital expenditures, paid $77 million in shareholder dividends and repurchased $50 million of its common stock.

Merchandise inventory at year end was 1.7 percent lower than at the end of last year. Stated in constant currency dollars, the Company’s merchandise inventory decreased by approximately 4 percent versus last year.

Store Base Update

During the year, the Company opened 117 stores and remodeled or relocated 196 stores. The Company also closed 274 stores in 2007, most of which were unproductive. At February 2, 2008, the Company operated 3,785 stores in 21 countries in North America, Europe and Australia. In addition, 10 franchised stores are currently operating in the Middle East and South Korea.

2008 Outlook

The Company’s current guidance for its full year 2008 is as follows:

  • Net income in a range of $0.65-to-$0.85 per share

  • Comparable-store sales being relatively flat

  • Gross margin rate improvement of between 200 and 300 basis points

  • Continued expense management discipline

  • Positive cash flow at a level exceeding 2007 reflecting higher net income and improved working capital management

Mr. Serra remarked, “Despite our outlook for substantial earnings improvement in 2008 versus 2007, we still regard the economic climate for footwear retailers in the United States to be challenging. As a result, we have planned our business conservatively for 2008, although we do expect to benefit from a meaningful improvement in our gross margin rate primarily reflecting lower markdowns.”

-- MORE –

“Given our solid financial position at the end of 2007 and confidence in the ability of our businesses to sustain positive cash flow generation, as we have previously announced, our Board of Directors voted last month to increase our common stock dividend for 2008 by 20 percent. We will continue to evaluate all opportunities to enhance shareholder value, balanced prudently against maintaining a strong financial structure.”

Capital expenditures for 2008 are planned at $160 million, with a focus on implementing initiatives designed to improve the Company’s existing business. The Company plans to open approximately 60 stores, remodel or relocate 200 stores, and close approximately 140 stores. Included in the capital plan are funds to freshen the look of additional stores with improved flooring, lighting and other modifications to provide a more pleasant shopping experience.

The Company is hosting a live conference call at 9:00 a.m. (ET) on Tuesday, March 11, 2008 to discuss these results. This conference call may be accessed live from the Investor Relations section of the Foot Locker, Inc. website at http://www.footlocker-inc.com. The conference call will be available for webcast replay until 5:00 p.m. on Monday, March 17, 2008.

Disclosure Regarding Forward-Looking Statements

This press release contains forward-looking statements within the meaning of the federal securities laws. All statements, other than statements of historical facts, which address activities, events or developments that the Company expects or anticipates will or may occur in the future, including, but not limited to, such things as future capital expenditures, expansion, strategic plans, 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 detailed in the Company’s filings with the Securities and Exchange Commission, including the effects of currency fluctuations, customer demand, fashion trends, competitive market forces, uncertainties related to the effect of competitive products and pricing, customer acceptance of the Company’s merchandise mix and retail locations, the Company’s reliance on a few key vendors for a majority of its merchandise purchases (including a significant portion from one key vendor), unseasonable weather, economic conditions worldwide, any changes in business, political and economic conditions due to the threat of future terrorist activities in the United States or in other parts of the world and related U.S. military action overseas, the ability of the Company to execute its business plans effectively with regard to each of its business units, risks associated with foreign global sourcing, including political instability, changes in import regulations, and disruptions to transportation services and distribution. 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.

 

 

 

 

 

-- MORE --

FOOT LOCKER, INC.
Condensed Consolidated Statements of Operations
(unaudited)
Periods ended February 2, 2008 and February 3, 2007
(In millions, except per share amounts)

         
Fourth
 
       
Quarter
 
       
2007
 
         
13 Weeks
 
    Sales    
      $
      1,482      
           
  Cost of sales     1,105  
  Selling, general and administrative expenses     311  
  Depreciation and amortization     34  
  Impairment charge & store closing program     23  
  Interest expense, net     1  
  Other (income)     (2 )
          1,472  
  Income from continuing operations before income taxes       10  
  Income tax expense (benefit)     (76 )
  Income from continuing operations       86  
  Income from discontinued operations, net of tax     1  
  Net income    
$
87  
             
  Diluted EPS:        
  Income from continuing operations    
$
0.55  
  Income from discontinued operations, net of tax     0.01  
  Net income    
$
0.56  
             
  Weighted-average diluted shares outstanding     154.9  

       
Year-To-Date
         
2007
 
             
             
        52 Weeks  
  Sales    
      $
      5,437      
           
  Cost of sales     4,017  
  Selling, general and administrative expenses     1,176  
  Depreciation and amortization     166  
  Impairment charges & store closing program     128  
  Interest expense, net     1  
  Other (income)     (1 )
          5,487  
  Income (loss) from continuing operations before income       (50 )
 
        taxes
       
  Income tax expense (benefit)     (101 )
  Income from continuing operations       51  
  Income from discontinued operations, net of tax     2  
  Cumulative effect of accounting change, net of tax     ---  
  Net income    
$
53  
             
  Diluted EPS:        
  Income from continuing operations    
      $
      0.33      
  Income from discontinued operations, net of tax     0.01  
  Net income    
$
0.34  
             
  Weighted-average diluted shares outstanding       155.6  
  Fourth Quarter  
  2006  
               
   
14 Weeks
      13 Weeks  
        $       1,652               $       1,557      
           
  1,118     1,063  
  323     312  
  44     44  
  ---     ---  
  ---     ---  
  (7 )   (7 )
    1,478       1,412  
    174       145  
  64     53  
    110       92  
  3     3  
  $ 113     $ 95  
               
 
 
  $ 0.70     $ 0.59  
  0.02     0.02  
  $ 0.72     $ 0.61  
               
  156.9     156.9  

  Year-To-Date  
  2006  
               
               
 
53 Weeks
    52 Weeks  
  $ 5,750     $ 5,655  
           
  4,014     3,959  
  1,163     1,152  
  175     175  
  17     17  
  3     3  
  (14 )   (14 )
    5,358       5,292  
    392       363  
           
  145     134  
    247       229  
  3     3  
  1     1  
  $ 251     $ 233  
               
 
 
  $ 1.58     $ 1.47  
  0.02     0.02  
  $ 1.60     $ 1.49  
               
  156.8     156.8  


- MORE -

FOOT LOCKER, INC.
Reconciliation of Income from Continuing Operations from a GAAP-reported basis to a non-GAAP basis
(unaudited)
Periods ended February 2, 2008 and February 3, 2007
(In millions, except per share amounts)

       
Fourth Quarter
Full Year
           
2007
         
2006
         
2007
         
2006
 
  Income from continuing operations – GAAP basis    
      $
      86               $ 110               $       51               $ 247      
  Additions / (subtractions):                          
     Impairment charges and store closing program     15     ---     81           12  
     Income tax valuation allowance adjustment     (65 )   ---     (65 )      
     Benefit of additional week in 2006    
---
    (18 )         (18 )
                                     
  Income from continuing operations – non-GAAP basis  
$
36   $       92   $ 67   $ 241  
                                     
                             
  Income per share from continuing operations –                          
     GAAP basis  
$
0.55   $ 0.70   $ 0.33   $ 1.58  
  Additions / (subtractions):                          
     Impairment charges and store closing program     0.10     ---     0.52     0.08  
     Income tax valuation allowance adjustment     (0.42 )   ---     (0.42 )      
     Benefit of additional week in 2006     ---     (0.11 )         (0.11 )
                                     
  Income per share from continuing operations –                          
     non-GAAP basis  
$
0.23   $ 0.59   $ 0.43   $ 1.55  
                                     

 

 

 

- MORE -

FOOT LOCKER, INC.
Condensed Consolidated Balance Sheets
(unaudited)
(In millions)

       
February 2,
     
February 3,
     
2008
2007
  Assets                  
                 
  CURRENT ASSETS              
  Cash and cash equivalents  
      $
      488      
      $
      221      
  Short-term investments     5     249  
     Total cash, cash equivalents and short-term investments       493       470  
  Merchandise inventories     1,281     1,303  
  Other current assets     292     261  
          2,066       2,034  
                 
  Property and equipment, net     521     654  
  Deferred tax assets     243     109  
  Other assets     420     452  
       
$
3,250    
$
3,249  
                     
  Liabilities and Shareholders’ Equity              
                 
  CURRENT LIABILITIES              
  Accounts payable  
$
233  
$
256  
  Accrued and other liabilities     268     246  
  Current portion of long-term debt and obligations              
 
     under capital leases
    ---     14  
          501       516  
                 
  Long-term debt and obligations under capital leases     221     220  
  Other liabilities     255     218  
  SHAREHOLDERS’ EQUITY     2,273     2,295  
       
$
3,250    
$
3,249  
   

 

 

 

 

- MORE -

FOOT LOCKER, INC.
Stores and Estimated Square Footage
(unaudited)
(Square footage in thousands)

        February 2,     February 3,     January 28,  
       
2008
   
2007
   
2006
 
    Foot Locker U.S.                                
     Number of stores   1,275       1,368   1,395  
     Gross square footage   5,252   5,509   5,602  
     Selling square footage              3,134   3,243   3,290  
                 
  Footaction              
     Number of stores   356   373   363  
     Gross square footage   1,662   1,744   1,718  
     Selling square footage   1,026   1,076   1,060  
                 
  Lady Foot Locker              
     Number of stores   526   557   553  
     Gross square footage   1,177   1,243   1,238  
     Selling square footage   668   700   693  
                 
  Kids Foot Locker              
     Number of stores   321   335   327  
     Gross square footage   782   810   791  
     Selling square footage   464   483       472  
                     
  Champs Sports              
     Number of stores   576   576   556  
     Gross square footage   3,130   3,138   3,045  
     Selling square footage   2,125   2,143   2,096  
                 
  Foot Locker International              
     Number of stores   731   733   727  
     Gross square footage   2,117   2,109   2,089  
     Selling square footage   1,087   1,095   1,099  
                 
  Total Stores Operated              
     Number of stores   3,785   3,942   3,921  
     Gross square footage   14,120   14,553   14,483  
     Selling square footage   8,504   8,740   8,710  
                 
  Total Franchised Stores              
     Number of stores   10   3   ---  
     Gross square footage   33   9   ---  
     Selling square footage   22   6   ---  
                       

 

 

-XXX-

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