This excerpt taken from the FL 8-K filed May 14, 2007.
FOOT LOCKER, INC. UPDATES ITS FIRST QUARTER EARNINGS ESTIMATE
NEW YORK, NY, May 10, 2007 Foot Locker, Inc. (NYSE: FL), the New York-based specialty athletic retailer, today reported that it currently expects its first quarter earnings to be in a range of $0.10-to-$0.11 per share. This range reflects a decrease from the Companys original estimate of $0.34-to-$0.37 per share.
The shortfall in our expected earnings primarily reflects a first quarter comparable-store sales decline of 5.1 percent and additional markdowns taken in our U.S. stores, stated Mathew D. Serra, Foot Locker Inc.s Chairman and Chief Executive Officer. While first quarter sales and earnings at our U.S. store businesses fell short of our expectations, our financial results from our international units were generally in line with our plan with earnings increasing from last years comparable period.
The Companys financial position continued to strengthen during the first quarter as its cash position, net of debt, increased by approximately $85 million from the same time last year. During the first quarter of 2007, the Company repurchased 1.2 million shares of its common stock for $26 million under a three-year $300 million share repurchase program.
Foot Locker, Inc. plans to report its first quarter 2007 financial results on Wednesday, May 23, 2007. A conference call is scheduled for Thursday, May 24, 2007 at 10:00 a.m. EDT to discuss these results and provide guidance with regard to its earnings outlook for the balance of 2007. This conference call may be accessed live from the Investor Relations section of the Foot Locker, Inc. website at http://www.footlocker-inc.com. Please log-on to the website at least 15 minutes prior to the call in order to download any necessary software. The webcast conference call will be available for replay until 5:00 p.m. Monday, May 28, 2007. News releases are also available on the Internet at http://www.prnewswire.com or on Foot Locker, Inc.s website at http://www.footlocker-inc.com.
Foot Locker, Inc. is a specialty athletic retailer that operates approximately 4,000 stores in 20 countries in North America, Europe and Australia. Through its Foot Locker, Footaction, Lady Foot Locker, Kids Foot Locker, Champs Sports and Footquarters retail stores, as well as its direct-to-customer channel Footlocker.com/Eastbay, the Company is the leading provider of athletic footwear and apparel.
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