Shares of Foot Locker, Inc. (NYSE:FL) ended Friday session in red amid volatile trading. The shares closed down -1.31 points or -1.99% at $64.59 with 133.25 million shares getting traded. Post opening the session at $65.69 the shares hit an intraday low of $64.59 and an intraday high of $65.79 and the price vacillated in this range throughout the day. The company has a market cap of $8.54 billion and the numbers of outstanding shares have been calculated to be 133.25 million shares.
Foot Locker, Inc. (FL) on Aug. 19, 2016 reported financial results for its second quarter ended July 30, 2016.
Second Quarter Results
Net income for the Company’s second quarter ended July 30, 2016 was $127 million, or $0.94 per share, compared with net income of $119 million, or $0.84 per share, last year. Second quarter comparable-store sales increased 4.7 percent. Total sales increased 5.0 percent, to $1,780 million this year, compared with sales of $1,695 million for the corresponding prior-year period. Excluding the effect of foreign currency fluctuations, total sales for the second quarter increased 5.4 percent.
The Company’s gross margin rate improved to 33.0 percent of sales from 32.6 percent a year ago, while the selling, general, and administrative expense rate increased to 19.7 percent of sales from 19.5 percent.
“As a Company, Foot Locker has strong leadership positions in the athletic industry, with the most important being our deep understanding of the core customer for each of our banners,” said Richard Johnson, Chairman of the Board and Chief Executive Officer. “We share this understanding with our key vendors, which enables us to partner with them to deliver the trend-right, premium footwear and apparel assortments our customers seek, which in turn has led to consistently outstanding financial results such as we announced. Within the second quarter, we drove comparable sales gains across basketball, running, and classic footwear, as well as apparel. We also posted gains in all regions and channels in which we operate, reflecting the success of our strategic initiatives to build our Company to be an enduring retail leader with strengths across many dimensions.”
Net income for the Company’s first six months of the year increased to $318 million, or $2.33 per share, compared to net income of $303 million, or $2.14 per share, for the corresponding period in 2015. Earnings per share for the six-month period increased 8.9 percent compared to the same period in 2015. Year-to-date sales were $3,767 million, an increase of 4.3 percent compared to sales of $3,611 million in the corresponding six-month period of 2015. Year-to-date comparable store sales have increased 3.7 percent. Excluding the effect of foreign currency fluctuations, total year-to-date sales increased by 4.6 percent.
Shares of Pinnacle Foods Inc (NYSE:PF) ended Friday session in red amid volatile trading. The shares closed down -1.49 points or -2.89% at $50.01 with 117.98 million shares getting traded. Post opening the session at $51.13 the shares hit an intraday low of $50.01 and an intraday high of $51.18 and the price vacillated in this range throughout the day. The company has a market cap of $5.86 billion and the numbers of outstanding shares have been calculated to be 117.98 million shares.
Pinnacle Foods Inc (PF) on Aug. 30, 2016 announced the appointment of Michael E. Allen, food industry veteran with significant experience leading health and wellness brands, to the position of Executive Vice President and President, Boulder, effective September 19, 2016. Allen will report to Chief Executive Officer Mark Clouse and replace Phil Anson, interim Boulder General Manager and founder of EVOL® frozen foods. In his new role, Allen will have full responsibility for the Company’s Boulder segment.
Allen, 54, has 20 years of experience in the food industry, including focus in the natural, organic and health-forward channels on brands such as Kashi® and Morningstar Farms®. He joins Pinnacle from the Kellogg Company where he most recently held the role of President, Morning Foods Division. Prior to his most recent role, he served as President, Frozen Foods Division from 2009-2013. Allen joined the Kellogg Company in 1997 and progressed through various leadership roles in marketing, innovation and general management. Before joining Kellogg, Allen worked in marketing and advertising. He holds a degree in Communications from Centennial College in Toronto.
“We are excited to welcome Michael to Pinnacle Foods to lead our Boulder segment,” said CEO Mark Clouse. “Michael’s strong track record of growing brands and leading natural and organic businesses, as well as his personal passion for wellness, will help us realize the full potential of our Boulder business.”