Private investment firm Comvest Partners acquires the financially troubled e-retailer, which filed for Chapter 11 bankruptcy protection in March.
Internet sales increased by 14% in the second quarter of 2008 for athletic shoe and apparel retailer Foot Locker. By contrast, comparable store sales decreased by 1.1% in the quarter vs. Q2 2007.
Internet sales increased by 14% in the second quarter of 2008 to $65 million for athletic shoe and apparel retailer Foot Locker Inc. from $57 million in Q2 2007.
By contrast, comparable store sales decreased by 1.1% in the quarter vs. Q2 2007, which the company attributed mainly to fewer stores in the U.S. and a comparable-store sales decline in Foot Locker Europe.
In the second quarter ended Aug. 2, 2008, overall sales increased by 1.6% to $1.3 billion from $1.28 billion in the prior year. By segment, direct-to-consumer sales increased by 9.7% to $79 million for Q2, up from $72 million in the prior year quarter. Athletic store sales increased by about 1.6%, to $1.22 billion from $1.2 billion. The web accounted for 82% of direct sales and 6% of overall sales.
Increases in e-commerce sales were offset by a decline in catalog sales, the company says, reflecting the continuing trend of customers browsing and selecting products from its catalogs, then making their purchases via the Internet. The increase in sales came mainly from footwear, particularly in the running and lifestyles categories.
For the first six months of fiscal 2008, Internet sales increased by 10.2% from $127 million to $140 million. Overall sales for the first half of 2008 were $2.61 billion, down just under 1% vs. $2.59 billion in the prior year period. Comparable-store sales decreased by 2.2% for the first half of fiscal 2008, for Foot Locker, No. 51 in the Internet Retailer Top 500 Guide.