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FL » Topics » Division Profit

This excerpt taken from the FL 8-K filed May 20, 2005.

Division
Profit

42%

     

     

     

     

     

58%

This excerpt taken from the FL 10-K filed Mar 29, 2005.

Division Profit

The Company evaluates performance based on several factors, the primary financial measure of which is division profit. Division profit reflects income from continuing operations before income taxes, corporate expense, non-operating income and net interest expense. The following table reconciles division profit by segment to income from continuing operations before income taxes.


 		          2004
      2003
      2002
     

 		          (in millions)
 		     
Athletic Stores
                  $ 420            $ 363    
$279
     
Direct-to-Customers
                     45               53    
40
     
Division profit
                     465               416    
319
     
Restructuring (charges) income (1)
                     (2 )             (1 )  
2
     
Total division profit
                     463               415    
321
     
Corporate expense
                     (74 )             (73 )        (52 )
Total operating profit
                     389               342    
269
     
Non-operating income (2)
                     —               —    
3
     
Interest expense, net
                     (15 )             (18 )  
(26)
     
Income from continuing operations before income taxes
                  $ 374            $ 324    
$ 246
     
 

(1)
   As more fully described in the notes to the consolidated financial statements, restructuring charges of $2 million and $1 million in 2004 and 2003, respectively, were recorded related to the dispositions of non-core businesses. Restructuring income of $2 million in 2002 reflects revisions to estimates used in the disposition of non-core businesses and the accelerated store-closing program.

(2)
   2002 includes $2 million gain related to the condemnation of a part-owned and part-leased property for which the Company received proceeds of $6 million and real estate gains from the sale of corporate properties of $1 million during 2002.

EXCERPTS ON THIS PAGE:

8-K
May 20, 2005
10-K
Mar 29, 2005

RELATED TOPICS for FL:

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