Soft Holiday, Impairment Charges Hit Foot Locker Net
The shortened Holiday selling season combined with a highly promotional apparel market and tough footwear comparisons pushed down net income 11% in the final quarter ended Feb. 1 to $141 million against $158 million as sales declined 2% to $2,221 million against $2,272 million that included a 1.6% comp decline. The final quarter this year also included a $38 million impairment charge related primarily to Footaction against a $19 million impairment charge last year primarily associated with the Runners Point chain. Despite the coronavirus market rout, Big Foot shares traded up 4% on the results, which were generally in line ... Log in to view full article.