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FL » Topics » Operating Results

This excerpt taken from the FL 10-Q filed Dec 10, 2008.

Operating Results

Thirteen weeks ended Thirty-nine weeks ended
November 1, November 3, November 1, November 3,
(in millions)       2008       2007       2008       2007
Athletic Stores(1) $ 42 $ (53 ) $ 121 $ (32 )
Direct-to-Customers 8   8 26 25
Family Footwear   —   —     —   (6 )
Division profit (loss) 50   (45 )   147     (13 )
Restructuring income (2)   — 1 — 1
Corporate expense, net (3)   17     14     70   47
Operating profit (loss)   33 (58 ) 77   (59 )
Other (income) expense (4) (5 ) — (7 ) 1
Interest expense, net   1   —   4   —
Income (loss) from continuing operations before income taxes $ 37 $ (58 ) $ 80 $ (60 ) 
_______________

(1)      

The thirty-nine weeks ended November 1, 2008 includes $5 million of store closing costs, primarily lease termination costs. The thirteen and thirty-nine weeks ended November 3, 2007 includes a $105 million charge representing impairment and store closing costs related to the Company’s U.S. operations.

 
(2)

During the third quarter of 2007, the Company adjusted its 1993 Repositioning and 1991 Restructuring reserve by $1 million primarily due to favorable lease terminations. This amount is included in selling, general and administrative expenses in the Condensed Consolidated Statements of Operations.

 
(3)

Included in corporate expense for the thirteen weeks ended November 1, 2008 is a $3 million other-than-temporary impairment charge related to a short-term investment. Also included in the thirty-nine weeks ended November 1, 2008 is a $15 million impairment charge on the Northern Group note receivable.

 
(4)

Other (income) expense for the thirteen and thirty-nine weeks ended November 1, 2008 is primarily comprised of the changes in fair value, realized gains and premiums paid on foreign currency option contracts. Also, included in the thirty-nine weeks ended November 1, 2008 is a lease termination gain of $2 million related to sale of a leasehold interest in Europe. The amount included in the prior year represented premiums paid on foreign currency option contracts and the changes in fair value of those contracts.

This excerpt taken from the FL 10-Q filed Sep 10, 2008.

Operating Results

    Thirteen weeks ended     Twenty-six weeks ended  
  August 2,     August 4,   August 2,     August 4,  
(in millions)        2008         2007         2008         2007  
Athletic Stores (1)  $ 39   $ (13 ) $ 79   $ 21  
Direct-to-Customers   8     6     18     17  
Family Footwear   —     (4 )   —     (6 )
Division profit (loss)   47     (11 )   97     32  
Corporate expense, net (2)    19     17     53     33  
Operating profit (loss)   28     (28 )   44     (1 )
Other (income) expense (3)    (2 )   1     (2 )   1  
Interest expense, net   2     —     3     —  
Income (loss) before income taxes $      28   $      (29 ) $      43   $      (2 )
____________________

(1)       Included in the results for the thirteen and twenty-six weeks ended August 2, 2008 are store closing costs of $1 million and $5 million, respectively, which primarily represent lease termination costs.
 
(2) Included in corporate expense for the twenty-six weeks ended August 2, 2008 is a $15 million impairment charge on the Northern Group note receivable.
 
(3) Included in other (income) expense for the twenty-six weeks ended August 2, 2008 is a lease termination gain related to sale of a leasehold interest in Europe. The amount included in the prior year represented premiums paid on foreign currency option contracts and the changes in fair value of those contracts.

Page 11 of 28

This excerpt taken from the FL 10-Q filed Jun 11, 2008.

Operating results

Thirteen weeks ended
(in millions)      May 3, 2008      May 5, 2007
Athletic Stores (1)   $ 40   $ 34
Direct-to-Customers 10 11
Family Footwear — (2 )
Division profit 50 43
Corporate expense, net (2)   34 16
Operating profit 16 27
Interest expense, net 1 —
Income before income taxes $ 15 $ 27
____________________
 
(1)      

Included in the results for the thirteen weeks ended May 3, 2008 are store closing costs of $4 million which primarily represent lease termination costs.

 
(2)

Included in corporate expense for the thirteen weeks ended May 3, 2008 is a $15 million impairment charge on the Northern Group note receivable.

This excerpt taken from the FL 10-Q filed Jun 2, 2005.

Operating Results

          Division profit reflects income from continuing operations before income taxes, corporate expense, non-operating income and net interest expense.

 

 

Thirteen weeks ended

 

 

 

 

(in millions)

 

April 30, 2005

 

May 1, 2004

 

 

 

 

Athletic Stores

 

$

98

 

$

82

 

Direct-to-Customers

 

 

12

 

 

11

 

 

 

 

 

Division profit

 

 

110

 

 

93

 

Corporate expense, net

 

 

16

 

 

15

 

 

 

 

 

Operating profit

 

 

94

 

 

78

 

Interest expense, net

 

 

3

 

 

4

 

 

 

 

 

Income from continuing operations before income taxes

 

$

91

 

$

74

 

 

 

 

 

          Athletic Stores division profit increased by 19.5 percent for the first quarter of 2005 as compared with the corresponding prior-year period of which Footaction contributed to over half the increase. The Champs Sports division profit increase, as compared with the corresponding prior-year period, more than offset the decline experienced by the European operations due to the continued difficult European economy. Division profit, as a percentage of sales, increased to 7.6 percent in the first quarter of 2005 from 7.5 percent in the corresponding prior-year period. The increase was primarily a result of lower selling, general and administrative expenses, as a percentage of sales.

-11-


          Direct-to-Customers division profit increased 9.1 percent for the thirteen weeks ended April 30, 2005, as compared with the corresponding period ended May 1, 2004. Division profit, as a percentage of sales, increased to 13.6 percent in the first quarter of 2005 from 12.8 percent in the corresponding prior-year period. The increase in division profit is primarily a result of improved gross margin due to better merchandise purchasing.

          Corporate expense consists of unallocated general and administrative expenses related to the Company’s corporate headquarters, centrally managed departments, unallocated insurance and benefit programs, certain foreign exchange transaction gains and losses and other items.  The increase in corporate expense in the first quarter of 2005 was primarily related to professional fees and employee related costs.

EXCERPTS ON THIS PAGE:

10-Q
Dec 10, 2008
10-Q
Sep 10, 2008
10-Q
Jun 11, 2008
10-Q
Jun 2, 2005

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