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Details on Industry Insight.
Foot Locker said third quarter earnings were hurt by weak sales in the U.S., though vulcanized lifestyle shoes, including Converse styles, were a bright spot.
U.S. same-store sales declined in the low double digits, each region was weak, and product sales for both genders fell, with women’s sales more challenging than men’s.
(Click here to read what executives said about the performance of its online retailer CCS, an important industry customer.)
European comps were flat and showed much improvement in October.
Foot Locker Canada declined in the low single digits, while the Asia/Pacific region posted a mid-single digit comp store gain.
Overall, total company sales declined 7.3% to $1.2 billion.
Foot Locker recorded a net loss of $6 million vs. a profit of $24 million a year earlier.
Excluding an impairment charge, the company had net income of $16 million in the third quarter of 2009.
Foot Locker owns 3,601 stores around the world.