Athletic apparel retailer Foot Locker Inc. (NYSE: FL) reported that its fourth-quarter profit dropped 23% due to a shorter fiscal year and a drop in same-store sales. Net income fell to $87 million, or 56 cents per share, but after adjustments the company said it earned 23 cents per share in the latest quarter. Revenue fell 10% to $1.48 billion. Analysts polled by Thomson Financial had expected earnings of 44 cents per share on revenue of $1.48 billion.
The company said its same-store sales fell 7.8% percent in the quarter, and noted that the year-ago quarter included an extra week.
For the full year, profit fell 79% to $53 million, or 34 cents per share, from $251 million, or $1.60 per share, in the prior year. Full-year revenue dropped 4% to $5.44 billion from $5.75 billion in 2006.
Foot Locker shares fell 9 cents to close at $11.15, but rose to $11.30 in after-hours trading.
Soda maker Jones Soda Co. (NASDAQ: JSDA) reported that it swung to a fourth-quarter loss due to higher fees and costs related to plans to sell soda in cans.
The company reported a loss of $10.2 million, or 39 cents per share, for the quarter that ended December 31, compared to a profit of $2.1 million, or 8 cents per share, in the year-ago period. Excluding a valuation allowance, the company reported a loss of 18 cents per share. Revenue fell 41% percent to $5.9 million. Analysts polled by Thomson Financial had expected a loss of only 3 cents per share on revenue of $9.7 million.
For the full year, the company swung to a loss of $11.6 million, or 45 cents per share, compared to a profit of $4.6 million, or 19 cents per share, in the prior year. Revenue grew 2% to $39.8 million.
Jones Soda shares fell 27 cents, or 5.9%, to close at $4.34, but continued to fall to $3.30 in after-hours trading.
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