Foot Locker's first quarter of 2014 resulted in decisive numbers, with both profit and turnover reaching record heights. Net profit grew to 162 million dollars.
14 % more turnover
2013's first quarter net profit reached 138 million dollars (101.2 million euro), which Foot Locker now has easily trumped as it reached 162 million dollars (118.8 million euro). The increase was because of a 14 % turnover increase from 1.6 billion dollars (1.2 billion euro) to 1.9 billion dollars (1.37 billion euro).
Obviously, CEO Ken C. Hicks was extremely satisfied with the American shoe brand's first quarter results: "We are off to a great start in 2014, with our first quarter results representing the highest quarterly sales and profits in our history as an athletic company. Every person in our company is playing an important role in producing our current strong performance [...] as we work towards the achievement of our long-term financial and operational objectives", he said in a press release.
Foot Locker opened 27 new stores in the previous quarter, while remodeling another 49 and closing 36 more. At the beginning of May, Foot Locker owned 3,464 stores in 23 countries with another 47 franchise stores in the Middle East and South Korea. On top of these stores, Foot Locker has another 27 stores through its Runners and Sidestep franchise stores in Germany and Switzerland.