Venator Group (New York) reported a 4.8 percent gain in same-store sales for its first quarter ended May 5, 2001. Adjusted net income from operations jumped more than 25 percent and adjusted operating profit increased 20 percent.
“We are pleased with our first quarter operating results,” said president and ceo Matthew D. Serra, “as we continued to benefit from increased sales, an improved gross margin rate and a lower expense rate.”
As of the end of the quarter, the company was operating more than 3500 athletic stores in 14 countries in North America, Europe and Australia. During the quarter, the company opened 11 stores, remodeled and/or relocated 28 stores and closed 34 stores.
The company report said the adjusted comparisons are from continuing operations only, excluding those non-core businesses disposed or being held for disposal. Those include The San Francisco Music Box Co., Foot Locker Outlets, Going To The Game, Randy River, Foot Locker Japan and Burger King franchises.
The company's ongoing operations include Foot Locker (the Number One athletic footwear retailer in the U.S.), its Northern Group (women's apparel stores) and Champs Sports (athletic wear). Its Eastbay unit sells athletic apparel through catalogs. In March, Venator announced it would close 323 Northern Reflections stores and turn its Northern Group of 370 Northern Reflections, Northern Traditions and Northern Getaway stores into a purely Canadian operation.