Foot Locker raises net income, sales in Q4

New York – Foot Locker Inc. increased net income 16% to $121 million in the fourth quarter of fiscal 2013 from the same period the prior year. Net sales grew 5% to $1.79 billion, from $1.71 billion.

Same-store sales for the quarter grew 5.3%. Looking ahead, the retailer expects to improve same-store sales in the mid-single digits and improve earnings per share by a double-digit percentage in fiscal 2014. Fourth quarter sales and earnings results both beat Wall Street estimates.

"The driver in achieving our best-ever financial results was the excellent execution by our team of the many initiatives we have underway," said Ken C. Hicks, chairman of the board and CEO of Foot Locker Inc. "I am very proud of the progress that the entire team at Foot Locker is making toward reaching our long term goals and objectives. While we accomplished a great deal in 2013, we have many more opportunities to improve the business further.”

During the full fiscal year 2013, Foot Locker grew net income 8% to $429 million from $397 million and net sales 5% to $6.5 billion from $6.18 billion. Same-store sales rose 4.2%. The company opened 84 new stores, remodeled or relocated 320 stores, and closed 140 stores during fiscal 2013.

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