http://www.morningstar.com/earnings/45296061-foot-locker-inc-fl-q3-2012.aspx

Foot Locker Inc FL
Q3 2012 Earnings Call Transcript

Transcript Call Date 11/16/2012

Operator: Good morning ladies and gentlemen, and welcome to the Third Quarter 2012 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 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 you to Foot Locker, Inc.'s most recently filed Form 10-K or Form 10-Q for a complete description of these factors. Any changes in such assumptions or factors could produce significantly different results and actual results may differ materially from those contained in the forward-looking statements.

If you have not received yesterday's release, it is available on the Internet at www.prnewswire.com or www.footlocker-inc.com. Please note that this conference is being recorded.

I will now turn the call over to John Maurer, Vice President, Treasurer and Investor Relations. Mr. Maurer, you may begin.

John A. Maurer - VP, Treasurer and IR: Thank you and good morning. We're happy that you could join us this morning to discuss Foot Locker Inc. results for the third quarter of 2012. Earlier, this morning, we reported that Foot Locker had record earnings of $106 million or $0.69 per share, a 60% over the $0.43 per share that we earned in Q3 last year.

As noted in the release, these GAAP results $9 million tax adjustment. Without this benefit which added $0.06 to the results, non-GAAP earnings were $0.63 per share, an increase of 47% over last year. This very strong profit result, another record for our Company brings year-to-date earnings on a GAAP basis to $293 million or $1.90 per share, a 50% increase over the same 39 week period last year.

I'm joined this morning by our Executive Vice President and Chief Financial Officer, Lauren Peters, who will begin with a summary of our third quarter and year-to-date financial results. She will also update our outlook for the rest of the year; Ken Hicks, Foot Locker, Inc.'s Chairman and CEO will then review our progress on several of the key initiatives that the management team outlined in our long range plan earlier this year.

Ken and Lauren will hit the highlights for all of our banners and all regions of our global operations and will leave time for your questions afterwards.

Over to you now, Lauren.

Lauren B. Peters - EVP and CFO: Thank you, John and good morning to you all. I truly appreciate your interest in Foot Locker. After comp sales gain for the first two quarters that were very strong, but which fell just shy of 10%, we were very pleased to report this morning that we not only sustained top line momentum in the third quarter.

We are able to call out a double-digit quarterly comp store sales gain. Our 10.2% comp stores sales gain in Q3 brings our year-to-date gain to a very strong 9.9%. We continue to execute well in terms of translating those top line gains into record bottom-line results.

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