Foot Locker, Inc. (NYSE:FL) Files An 8-K Results of Operations and Financial Condition
Item 2.02.
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Results of Operations and Financial Condition. |
On February 24, 2017, Foot Locker, Inc. (the Company) issued a
press release announcing its financial and operating results for
the fourth quarter and full-year 2016. A copy of the press
release is furnished as Exhibit 99.1 to this Current Report on
Form 8-K, which, in its entirety, is incorporated herein by
reference. The press release includes non-GAAP financial measures
of fourth quarter and full-year 2016 net income excluding an
increase in tax expense due to a tax rate change in Europe, a
reduction in tax expense due to a regulatory change in the United
States, an after-tax impairment charge associated with the
Runners Point and Sidestep banners, and a reduction in tax
expense associated with a scheduled intellectual property
reassessment in Europe. The press release also includes non-GAAP
financial measures of fourth quarter and full-year 2015 net
income excluding the impairment of certain Runners Point Group
assets, and a charge related to pension litigation.
The Company believes these non-GAAP financial measures provide
useful information to investors because they allow for a more
direct comparison of the Companys performance for the fourth
quarter and full-year 2016 to the Companys performance in the
comparable prior-year periods. The non-GAAP financial measures
are provided in addition to, and not as an alternative to, the
Companys reported results prepared in accordance with GAAP. A
GAAP to non-GAAP reconciliation of these measures is provided in
the Condensed Consolidated Statements of Operations, which is
part of the press release.
The Company is hosting a conference call on February 24, 2017 to
discuss its fourth quarter and full-year 2016 financial results,
provide its current outlook for 2017, comment on the status of
its current initiatives, and discuss trends in its business and
the athletic industry.
In accordance with General Instruction B.2. of Form 8-K, the
information in this Current Report on Form 8-K, including Exhibit
99.1, shall not be deemed to be filed for purposes of Section 18
of the Securities Exchange Act of 1934, as amended (the Exchange
Act), or otherwise subject to the liabilities of that section,
and shall not be deemed incorporated by reference into any filing
under the Securities Act of 1933, as amended, or the Exchange
Act, except as expressly set forth by specific reference in such
filing.
| Item 9.01. | Financial Statements and Exhibits. |
| (d) | Exhibits. |
| Exhibit No. | Description |
| 99.1 |
Press Release, dated February 24, 2017, issued by Foot Locker, Inc. |
About Foot Locker, Inc. (NYSE:FL)
Foot Locker, Inc. is a retailer of shoes and apparel. The Company operates through two segments: Athletic Stores and Direct-to-Customers. The Company’s Athletic Stores segment is an athletic footwear and apparel retailer whose formats include Foot Locker, Lady Foot Locker, Kids Foot Locker, Champs Sports, Footaction, SIX:02, Runners Point Group, including Runners Point and Sidestep. The Company’s Direct-to-Customers segment includes Footlocker.com, Inc. and other affiliates, including Eastbay, Inc., and its international e-commerce businesses, which sell to customers through their Internet and mobile sites and catalogs. The Direct-to-Customers segment operates the Websites for eastbay.com, final-score.com, eastbayteamsales.com, and sp24.com. It operates over 3,383 primarily mall-based stores in the United States, Canada, Europe, Australia and New Zealand. The Company operates over 60 franchised stores that are located in the Middle East, Germany and Switzerland, and Republic of Korea. Foot Locker, Inc. (NYSE:FL) Recent Trading Information
Foot Locker, Inc. (NYSE:FL) closed its last trading session down -2.44 at 68.58 with 4,304,007 shares trading hands.