September 11, 2009, 12:00 AM

Foot Locker’s web sales trump store sales in Q2

The Internet was the only channel that posted an increase in sales for Foot Locker in the second quarter. Web sales for the quarter ended Aug.1 increased 6.2% while comparable-store and total sales declined by 12.1% and 15.4%, respectively.

Katie Evans

Managing Editor, International Research

The Internet was the only channel that posted an increase in sales for Foot Locker Inc. in the second quarter.

For the quarter ended Aug.1:

  • Web sales grew 6.2% to $69 million from $65 million.
  • Total sales declined year over year 15.4% to $1.1 billion from $1.3 billion.
  • The web accounted for 6.3% of sales compared with 5% in the second quarter of 2008.
  • Comparable-store sales fell 12.1%.
  • The retailer says its broke even in the second quarter compared with net income of $18 million in the previous year.
“The impact of lower than anticipated sales in our U.S. businesses on our second quarter earnings were mitigated by the aggressive actions we took to control expenses and inventories,” says Matthew D. Serra, CEO of Foot Locker, No. 53 in the Internet Retailer Top 500 Guide. “We successfully offset some of the impact of our sales shortfall by reducing our selling, general and administrative expenses, negotiating favorable occupancy costs and benefiting from lower depreciation expense.”

For the first two quarters:

  • Web sales grew 8.6% to $152 million from $140 million.
  • Total sales decreased 11.6% to $2.3 billion from $2.6 billion.
  • Net income increased 47.6% to $31 million from $21 million.
  • Comparable-store sales fell 7.3%.
  • The web accounted for 6.6% of sales compared with 5.6% in the prior year.

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