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Foot Locker Q4 profit jumps 42% amid cost cutting and higher sales

BY Marianne Wilson

New York City — Foot Locker Inc. said that its fourth-quarter profit increased 42% amid higher sales and cost cuts.

The company earned a better-than-expected $81 million in the three months that ended Jan. 28, up from $57 million in the year-ago period.

Revenue increased 8% to $1.5 billion, from $1.39 billion. Same-store sales were up 7.5% in quarter.

During fiscal 2011, Foot Locker opened 70 new stores, relocated or remodeled 182, and closed 127. The chain had 3,369 total stores as of Jan. 28, down from 3,426 at the end of the previous fiscal year.

For the full year, Foot Locker’s profit rose 65% to $278 million. Total revenue grew 11% to $5.62 billion from $5.05 billion.

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J.Harper says:
Mar-04-2012 03:10 pm

Now this is some positive
Now this is some positive news coming out for Foot Locker. With all of the negative news over the so called riots over the Nike shoes this is really great to hear. Thank you for sharing.

 

When we hear about stores like Foot Locker doing well in the fourth quarter of 2011 when you had enough it gives us some hope that the economy is on it's way back.

J.Harper says:
Mar-04-2012 03:10 pm

Now this is some positive news coming out for Foot Locker. With all of the negative news over the so called riots over the Nike shoes this is really great to hear. Thank you for sharing.

 

When we hear about stores like Foot Locker doing well in the fourth quarter of 2011 when you had enough it gives us some hope that the economy is on it's way back.

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JCPenney squares off strategy with new appointment

BY CSA STAFF

PLANO, Texas — JCPenney is looking to make its department store a destination for more than just shopping, and has named a new executive to help lead the charge. Assuming the role of EVP, The Square is Laurie Beja Miller, who will oversee the company’s new center core strategy that will serve as a gathering place with ongoing attractions and services, JCPenney announced. Miller will join JCPenney on April 1, and report to CEO Ron Johnson.

Johnson said, "In the golden age of department stores, America’s families came for more than just to shop. They were able to have fun experiences and were offered a range of useful services. We are going to revive that excitement and convenience at JCpenney, and Laurie is the ideal person to lead the charge. She brings an exceptional track record of creating differentiated shopping environments, unique insight into customer behavior, and a passion about retail that will all be invaluable as we execute our concept for JCPenney’s stores."

Miller has served as SVP and general manager Americas at Bare Escentuals, since 2010. Prior to that, she spent three years at Nike as general manager, VP Nike Retail U.S. She was previously VP product development and merchandising at Hallmark Cards, a role she took after serving as VP special projects at Apple, SVP and general merchandise manager at Pottery Barn, and EVP at Disney Stores, focused on product development. She also spent more than a decade (1984 to 1995) at Spiegel, where she was general manager of electronic media. Miller began her career working in department stores, first at Milwaukee Boston Company and subsequently at Marshall Fields. She received a B.S. from Iowa State University in Textiles and Clothing/Business Administration.

Regarding her new appointment, Miller said, "The chance to join JCpenney as it undertakes this total transformation is the most exciting opportunity at this point in my career. The vision that the company has for JCpenney will make it unlike any other store that exists in retail today and create enormous excitement for customers. I am so glad to be a part of jcpenney at this extraordinary time and look forward to making The Square an exceptional centerpiece for the new JCpenney shopping experience."

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Retail Store of the Year 2012

BY CSA STAFF

Chain Store Age’s 30th annual Retail Store of The Year design competition attracted entries from around the globe, with Mexican department store company Liverpool taking top honors as Store of the Year for its location in Interlomas, Mexico. All the winning stores and restaurants are featured in this exclusive report.

Click here to download the Retail Store of the Year 2012 Report.

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