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TheStreet Open House

Foot Locker Management Discusses Q2 2013 Results - Earnings Call Transcript

Stocks in this article: FL

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

John A. Maurer

Thank you, and good morning. I'm pleased that everyone could join us this morning to discuss Foot Locker, Inc.'s second quarter 2012 results. In our press release earlier this morning, we reported a 59% increase in second quarter net income to $50 million or $0.39 per share on a GAAP basis. This profit level represents the highest level of earnings from continuing operations of any second quarter in the history of the company as Foot Locker, Inc. This result brings the year-to-date earnings to $187 million or $1.21 per share, an increase of 43%, also the highest profit level the company has earned in the first 6 months of any year.

Lauren Peters, Executive Vice President and Chief Financial Officer, will begin this morning's prepared remarks with a summary of our second quarter and year-to-date financial results. She will also update our outlook for the second half of the year. Ken Hicks, our Chairman and CEO, will then recap our progress on some of the major initiatives we outlined earlier in the year at our investor meeting, initiatives which we believe can continue to drive our performance to new heights. Ken will also discuss the current business environment in the major regions in which we do business. And we'll, of course, allow time for questions after our prepared remarks.

Good morning, Lauren.

Lauren B. Peters

Thank you, John, and good morning to you all. We were pleased to report earlier this morning that we sustained top line momentum in the second quarter, with a 9.8% comp gain, following the first quarter's 9.7% comp gain. And just as in the first quarter, we were able to flow those sales to the bottom line to produce record EPS results.

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