Foot Locker maintain strong financial position in Q1
28 May '07
3 min read
Store Base Update : During the first quarter, the Company opened 61 new stores; remodeled/relocated 65 stores and closed 73 stores. At May 5, 2007, the Company operated 3,930 stores in 20 countries in North America, Europe and Australia.
The store openings include 31 new Footquarters stores, the Company's new value-based footwear chain. In addition, three additional Foot Locker franchised stores were operating in the Middle East.
Financial Position : The Company continued to strengthen its financial position while also redeploying its strong cash flow with a goal of enhancing shareholder value. At the end of the first quarter, the Company's cash position, net of debt, was $183 million, an $85 million improvement from the same time last year.
The Company's cash and short-term investments totaled $418 million, while its total debt was $235 million. During the first quarter, the Company paid out $19 million in shareholder dividends and repurchased 1.2 million shares of its common stock for $26 million.
marketing@alchempro.com
