Good morning, ladies and gentlemen, and welcome to the first quarter 2010 earnings release conference call. At this time, all participants are in a listen only mode. Later we will conduct a question and answer session.
This
Worldwide Web Oficial Proporcionar Auténtico Nike Free Run 3.0 V7 Diamante Azul Blanco Negro Hombres En Venta conference call may contain forward looking statements that reflect management’s current views of future events and financial performance. These forward looking statements are based on many assumptions and factors, including the effects of currency fluctuations, customer preferences, economic and market conditions worldwide, and other risks and uncertainties described in the company’s press releases and SEC filings. We refer
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Any changes in such assumptions or factors could produce significantly different results, and actual results may differ materially from those contained
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Good morning. As reported yesterday afternoon, our first quarter earnings were $0.34 per share this year versus $0.20 per share last year. Bob
Welcome To Our Online Air Jordan Bred Low 11s Og For Sale Become An Essential Fashion Part McHugh, our Executive Vice President and Chief Financial Officer, will begin the call with a discussion of our first quarter financial results. Bob will also discuss our expectations for the second quarter. Ken Hicks, our Chairman and
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Overall, we’re very encouraged by our financial results for the quarter, which included a 70% increase in our earnings per share versus the first quarter of last year. Our earnings per share increase was fueled by the following key factors: A comp store sales increase of 4.8%, a gross margin rate increase of 140 basis points,
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Just as important, we produced very strong cash flow during the quarter as our total cash position net of debt was $190million favorable to last year. I will now turn the call
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Good morning. As Peter stated, we are very encouraged by our first quarter financial results, which exceeded our expectations going into the quarter and position us well for continuing growth in the coming year. We got off to a good start. Our financial
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In this regard, while some economic metrics such as consumer confidence, employment, and GDP are improving slightly, these figures have not translated into a more normalized consumer spending environment in the United States. Therefore, at the same time as we are encouraged with our first quarter financial results, we believe that the best course of action for us is to remain cautious in our planning process until we see greater evidence of a sustainable economic recovery. businesses while achieving the high end of our expectations at our combined international
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Our better than expected domestic sales results were accomplished while reducing our level of promotions and special events allowing us to
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First quarter comparable store sales by region and segment were as follows. store operations increased mid single digits. The best performances were our in our Lady Foot Locker, Champs, and Foot Locker divisions. Our dot com segment increased low single digits. Europe increased mid single digits. Foot Locker Canada increased mid single digits. And Foot Locker Asia Pacific decreased low double digits after increasing
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By month, our results were very solid in February for the second year in a row with comp store sales increasing mid single digits. Comp store sales increased low double digits in March as we benefited from an early spring and the Easter shift from the first week of April last year to the last week of
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Conversely, reflecting trends seen across the retail sector, our comp store sales decreased low to mid single digits in April. Taken together, our combined comp store sales in March and April were fairly comparable with the month of February. Our first
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The improvement in our merchandise margin rate primarily reflects lower markdowns
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Our total occupancy expenses are currently impacted by four key factors. First, in some of the B and C malls where we operate, we are benefiting from lower occupancy costs through rent negotiations. Second, in the better A rated malls, we continue to experience increases at rent renewals; however, our recent rent increases have been less than we have experienced in the past.
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Our first quarter SG rate improved by 100 basis points versus the first quarter of last year, reflecting leverage on our fixed expense base. First quarter SGA expenses in dollars increased $2million versus last year. On a constant currency basis, our first quarter SG expenses decreased $4million. The decrease in our SG expenses on a constant currency
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Depreciation expense for the quarter was $26million or $2million favorable to last year, primarily reflecting the asset impairment writedowns last year. Net interest expense for the first quarter was $3million this year versus $2million last year, reflecting lower interest rates on our short term investments. Our first quarter income tax rate this year was 36%, slightly favorable to last year’s tax rate of 37%.
All these factors taken together contributed to our earnings per diluted share increase of 70%. From a balance sheet perspective, our
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We ended the quarter in a very strong financial position with $616million of cash and short term investments and just $137million of balance sheet debt. Our total cash position net of debt was
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In summary, we are off to a good start to the year with both a very strong earnings increase and substantial cash flow from operations. While mall traffic and consumer confidence in the United States is improving, we believe that in the near term there remains much uncertainty in regard to consumer spending. Therefore, as I mentioned earlier, we will remain cautious in how we plan and manage our business.
For the second quarter of this year, we expect our financial performance to reflect the following: A comp store sales increase in the low single digits; total sales to be approximately 3% lower than our comp store sales due to operating approximately 4% fewer stores than last year and the effect of changes in foreign exchange rates; gross margin rate, including both our cost of merchandise and occupancy expenses, to improve 40 to 60 basis points versus the second quarter of last year; total SG expenses to increase approximately $10million versus the second quarter of last year
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This estimate is based on current exchange rates which reflect the weakening Euro currency offset by the strengthening of the Canadian dollar. This second quarter outlook is in line with the comments that we made during our March conference call, when I stated that we expect our second quarter comparison to the same period of last year to be our most difficult due to the significant
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At the same time as we are planning our second quarter sales cautiously, we are encouraged by recent sales results which reflect a mid single digit comp store sales increase for the first two and a half weeks of May. We are planning on a sales gain for the quarter below this recent trend due to the uncertainty of the external environment and,
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However, if the current sales trend were to continue, along with some additional margin rate expansion, we would expect to generate a profit increase for the quarter. I will now turn the program over to Ken Hicks.
Thank you, Bob.
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