Author: 123jump.com Staff
123jump.com
Last Update: 10:07 AM EDT August 25 2006

Foot Locker, global retailer of athletic footwear and apparel, posted a 68% drop in quarterly net profit versus the year ago period. Half of the 120 basis points decline in gross margin reflected a decline in the merchandise margin rate and the other half related to a higher occupancy expense rate. The company repurchased $22 million of its 8.5% bonds, due in 2022, at a discount to face value. Taking a cautious stand, fiscal 2006 EPS is projected at $1.44 to $1.54, after the non cash charge.