Dallas, Texas 03/13/2014 (FINANCIALSTRENDS) – Foot Locker, Inc. (NYSE:FL) a global retailer of shoes and apparel operating in five countries announced its 4Q2013 and full year 2013 financial results. During fourth quarter the company’s net income increased by 19% at $121 million translating to $0.81 per share. It reported year-on-year basis revenues increased by 4.6%. The earnings were $0.82 per share on non-GAAP basis. It also recorded revenues of $1.79 billion in 4Q2013 as compared to $1.71 billion in 4Q2012.
For the full fiscal year the net come increased to $429 million from $397 million last year. Earnings on a non-GAAP basis were $2.87. The company’s revenues also revenues also increased by 5% to $6.51 billion compared to $6.18 billion during 2012. Foot Locker, Inc was the only retail company to break out of the bad holiday season. It also recorded highest ever sales during 2013 with $6,505 million which 5.2% increase over previous year. The company reported 4% increase in the Comparable stores sales.
Foot Locker, Inc. (NYSE:FL) Plans for 2014.
As part of growth plans for 2014, the company wants to focus on developing its own ecommerce platform and also explore into children’s business. The company is working on improving its assortments and exploring towards shop-in-shop partnerships. The company is also focusing to expand its network in Europe. Around $220 million capital expenditure has been authorized by the company board for the same. As part of restructuring the company has closed 140 stores and opened 84 new outlets. It has 3,473 outlets across 23 countries and more than 45 franchisees. The company is working on to expand its network during 2014.
The company last month announced Steven Oakland as a director of the Company. Steven who was part of The J.M. Smucker Company has extensive experience in domestic and international retail operations and will mainly focus on marketing and brand-building of the company in 2014.