Foot Locker runs up profit in Q4; sales surge

New York -- Foot Locker posted better than expected fourth quarter earnings on Friday, amid strong holiday sales. Net income jumped 21% to $146 million in the quarter, up from $121 million last year.



Total sales in the quarter increased 6.7% to $1.91 billion, also beating estimates of $1.87 billion. Same-store sales rose 10%.



“We remain intently focused on executing our key strategies," said president and CEO Richard Johnson, who replaced retiring CEO Ken Hicks in December. "Along with elevating the level of investments in our stores, digital capabilities, support facilities, and, most importantly, our people, that focus has enabled us to develop into a high-performance company that has reached record heights of financial and operational success.”



For fiscal year 2014, Foot Locker reported net income of $520 million, up 21% from net income of $429 million in 2013. Total sales increased 10% to $7.15 billion from $6.5 billion. Same-store sales increased 8%.



As of January 31, 2015, Foot Locker operated 3,423 stores in 23 countries in North America, Europe, Australia, and New Zealand. In addition, 51 franchised Foot Locker stores were operating in the Middle East and South Korea, as well as 27 franchised Runners Point and Sidestep stores in Germany and Switzerland.