Foot Locker Inc FL
Q1 2013 Earnings Call Transcript

Transcript Call Date 05/24/2013

Operator: Good morning ladies and gentlemen, and welcome to the Foot Locker's First Quarter 2013 Financial Results 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 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 today's release, it is available on the Internet at or Please note that this conference is being recorded.

I will now like to 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 welcome to Foot Locker Inc.'s first quarter 2013 earnings conference call. Earlier this morning we reported first quarter net income of $138 million or $0.90 per share. These results include approximately 1 million of transaction cost related to our pending acquisition of Runners Point Group, which we announced earlier in the month. Our first quarter EPS on a non-GAAP basis, excluding this cost was $0.91 per share. This resulted as an increase of almost 10% over the $0.83 per share that Foot Locker earned in the first quarter of 2012 and represents the highest quarterly profit that company has ever achieved as Foot Locker, Inc.

Our prepared remarks will begin this morning with Lauren Peter, Executive Vice President and Chief Financial Officer, who will review our first quarter financial result in more detail. After Lauren, Dick Johnson, our Executive Vice President and Chief Operating Officer will provide an update on several of our key initiatives and comment on the pending Runners Point Group acquisition; Ken Hicks, our Chairman and CEO will then provide additional insight into our business strategies and major trends we are seeing in the athletic industry.

In order to have plenty of time for your questions after our prepared remarks, let me turn the call right over to you, Lauren.

Lauren B. Peters - EVP and CFO: Thank you, John, and good morning to you all. We are quite pleased with the strong start to 2013 that we reported this morning. Our non-GAAP earnings of $0.91 per share represents a solid improvement over the first quarter result we posted in 2012, especially in light of the relatively slow start in February, we told you about on our previous call and the sales shift related to the 53rd week last year, both of which challenged our leverage opportunities.

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