PetSmart acquired Pet360 for $130 million in cash and up to $30 million more in future performance-based payments.
E-commerce provided the only growth for Foot Locker in the first quarter. Web sales grew by 7.1%, while both total revenue and comparable store sales dropped.
E-commerce provided the only growth for Foot Locker Inc. in the first quarter.
For the quarter ended May 3, 2008, Foot Locker, No. 51 in the Internet Retailer Top 500 Guide, posted web sales of $75 million. That was an increase of 7.1% vs. e-commerce sales of $70 million the first quarter of 2007.
In Q1, overall sales declined by 0.53% to $1.309 billion from $1.316 billion in the prior year while comparable store sales dropped by 2.9%. In the quarter Foot Locker opened 33 new stores and remodeled or relocated 73 stores, but also closed 60 stores. The web accounted for 6% of total sales in the quarter and 83% of direct-to-consumer sales, which declined by 2.2% to $90 million from $92 million in the first quarter of 2007.
The company sees its current Internet growth rate sustainable into the next quarter, Foot Locker CEO Matthew Serra told analysts on the company’s recent first quarter earnings call. “Over the past several weeks we have experienced a meaningful pick-up in sales through our Internet sites, which encourages us for the upcoming quarter,” Serra told analysts. “Our Internet business is extremely strong.”