Private investment firm Comvest Partners acquires the financially troubled e-retailer, which filed for Chapter 11 bankruptcy protection in March.
The footwear and athletic apparel retailer reports $107 million in Q1 online sales.
Web sales at footwear and athletic apparel retailer Foot Locker Inc. outpaced the company’s total and comparable-store sales in the first quarter.
For the quarter ended April 30, Foot Locker, No. 53 in the Internet Retailer Top 500 Guide, reported:
- Web sales of $107.0 million, a 25.9% increase from $85.0 million in the first quarter of 2010.
- Total sales were $1.45 billion, up 13.3% from $1.28 billion in the prior year period.
- Comparable-store sales increased 12.8%.
- Net income was $94 million, an increase of 74.1% compared with net income of $54 million in the prior year period.
Based on Internet Retailer calculations, the Internet represented 7.4% of all sales for the quarter for Foot Locker compared with 6.6% in the same period last year.
“We continue to focus on the key initiatives of our strategic plan, which resulted in a strong sales gain and a gross margin improvement of 200 basis points,” says Ken C. Hicks, Foot Locker’s chairman and CEO.
Foot Locker credits its strong web sales to the performance of the Eastbay web site as well as the company’s other sites including FootLocker.com, LadyFootLocker.com, KidsFootLocker.com, FootAction.com, ChampsSports.com and CCS.com.
In the first quarter, the company opened 18 stores, remodeled or relocated 48 stores and closed 24 stores. As of April 30, Foot Locker operated 3,420 stores.