New York City -- In a conference call to investors on Tuesday, Foot Locker announced an updated strategic plan and financial initiatives intended to elevate the retailer’s performance for the 2012 to 2016 period.
According to chairman and CEO Ken Hicks, the company has found success in the first two years of its five-year plan. “However,” he said, “because we have already achieved several of our initial financial goals, and because we have identified significant new opportunities that we believe can drive our business to even higher levels of performance, our team has updated our strategic priorities and actions, as well as our long-term financial objectives."
Hicks said the company would open new stores in 2013 – no firm number has been made available – and would drive performance in its core athletic banners. Other new strategic priorities include:
Over the next five years, the company said it expects sales of $7.5 billion, sales per gross sq. ft. of $500, a net income margin of 7% and inventory turnover of 3+ times.