Impairment Charge Hurts Foot Locker 1Q Results

New York City Foot Locker Inc. on Thursday said fiscal first-quarter profit fell, hurt by an impairment charge and nearly flat sales. Profit for the quarter ended May 3 fell 82% to $3 million compared with $17 million a year ago. Sales were nearly flat at $1.31 billion.

The impairment charge is related to a note receivable due from the purchaser of the company's former Northern Group operation in Canada, which the company sold in 2001.