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