7/30/07

Foot Locker shuffles its e-commerce lineup

Foot Locker Inc. is promoting its top e-commerce executive. Dick Johnson, who has been president and CEO of Footlocker.com since 2003, has been named president and CEO of Foot Locker Europe; Dowe Tillema will now oversee the web.

Don Davis , Editor in Chief

Foot Locker Inc. is promoting its top e-commerce executive as part of a broader strategic initiative.

Dick Johnson, who has been president and CEO of Footlocker.com since 2003, has been named president and CEO of Foot Locker Europe. Johnson will replace Keith Daly, who was promoted to president and CEO of Foot Locker U.S. with responsibility for the company`s Foot Locker, Footaction and Kids Foot Locker stores in the U.S.

The new executive in charge of Internet retailing will be Dowe Tillema, who will also continue as FootLocker.com’s chief financial officer. His new title will be executive vice president of Footlocker.com.

Foot Locker, No. 44 in the Internet Retailer Top 500 Guide, announced the promotions as part of a broader strategic plan. Foot Locker has retained Lehman Brothers as an advisor to evaluate strategic alternatives, including inquiries received from private equity firms, and could close up to 250 stores by the end of the year. At the same time Foot Locker is also accelerating plans to open as many as 30 new locations in Europe and is liquidating slower-selling merchandise.

"The financial impact of implementing this important strategy was the primary reason for the projected net loss for the second quarter of 2007,” says CEO Matthew D. Serra. “We expect our international units will produce a double-digit division profit increase versus last year`s comparable period."

Foot Locker posted net income of $17 million on revenue of $1.31 billion compared with net income of $59 million on revenue of $1.36 billion in the prior year. The retailer will deliver its second quarter 2007 financial results Wednesday, Aug. 22.

Topics:

business finance, Foot Locker, Woolworth

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