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Foot Locker reports loss in Q4
Foot Locker (NYSE: FL) said it posted a loss for the fourth quarter on one-time items, including impairment charges, store-closing program costs and an income tax valuation allowance.
Loss for the quarter ended Jan. 31 totaled $126 million, or $0.82 per share, compared with net income of $72 million, or $0.46 per share, a year earlier. Excluding one-time items, net income totaled $0.24 per share.
Sales dropped 11 percent to $1.32 billion from $1.48 billion a year earlier.
“Our fourth-quarter sales reflected a very challenging external environment, as consumer spending weakened and mall traffic declined,” said Matthew D. Serra, the company’s chairman and CEO, in a statement.
For the year, the company posted a loss of $81 million, or $0.53 per share, compared with a profit of $38 million, or $0.24 per share, last year.
Sales were down 4 percent to $5.24 billion from $5.44 billion last year.
Foot Locker said the year-earlier results were changed because the company found it incorrectly calculated income tax expense in 2007. The company added that it plans to provide final figures when it files its annual report on or before April 1.
The company said in 2009 it will decrease capital spending and cut expenses and inventory due to the weak retail environment, but did not give specific guidance.
Wal-Mart same-store sales up for February
Wal-Mart Stores (NYSE: WMT) said February same-store sales rose 5.1 percent on increases in both traffic and the average amount spent per transaction.
Total sales for the month rose nearly 3 percent to $30.02 billion from $29.19 billion last year.
–Compiled by Wendy Geister
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