Off On the Right Foot

Foot Locker Inc. (New York) reported a 15 percent increase in income for its first quarter ended May 1, 2004.

Sales increased 5.1 percent in the 13-week period; same-store sales increased 0.3 percent.

“Our first quarter financial performance was in line with our expectations and the earnings guidance we previously communicated,” stated chairman and ceo Matthew Serra. “We are pleased with the financial and strategic progress made during the first quarter. We are also pleased, following the end of the quarter, to have completed our acquisition of the Footaction chain. Given our solid first quarter financial results, we have more confidence in our ability to increase income per share from continuing operations in both our second quarter and full year by 10-to-20 percent.”

During the quarter, the retailer opened 21 stores, remodeled or relocated 119 stores and closed 44 stores. At May 1, 2004, 3587 stores were in operation in 16 countries in North America, Europe and Australia under the Foot Locker, Lady Foot Locker, Kids Foot Locker and Champs Sports banners.