Feb 28, 2020 (Baystreet.ca via COMTEX) -- Foot Locker, Inc. /zigman2/quotes/204092533/composite FL -0.45% dipped Friday on quarterly and yearly financial information.
The New York-based company reported net income of $141 million, or $1.34 per share, for the 13 weeks ended February 1, 2020, a decline of 3.6% in earnings per share as compared with net income of $158 million, or $1.39 per share, for the corresponding prior-year period. On a non-GAAP basis, the Company earned $1.63 cents per share, a 4% increase over the comparable 13-week non-GAAP earnings per share of $1.56 in 2018.
Fourth quarter comparable-store sales decreased 1.6%. Total sales decreased 2.2%, to $2,221 million this year, compared with sales of $2,272 million in the fourth quarter of 2018. Excluding the effect of foreign exchange rate fluctuations, total sales for the fourth quarter decreased 2%.
Said CEO Richard Johnson, "While we had leading positions in key on-trend footwear styles, this was not enough to offset softer than expected demand during the compressed holiday season, a very promotional marketplace for apparel, and tougher launch comparisons."
Sales for 2019 were $8,005 million, an increase of 0.8% compared to sales of $7,939 million in fiscal 2018. Full-year comparable-store sales increased 2.2%. Excluding the effect of foreign currency fluctuations, total sales increased 2%.
The Company's net income decreased to $498 million in 2019, or $4.56 per share, as compared to the 2018 reported net income of $541 million, or $4.66 per share. On a non-GAAP basis, earnings per share totaled $4.93 in 2019, a 4.7% increase over last year's 52-week, non-GAAP earnings of $4.71.
Shares began Friday down 86 cents, or 2.6%, to $32.70.