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2003 Annual Report

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2003 Annual Report FOOT LOCKER, INC. Successful Growth...Worldwide 2003 Annual Report $4,779,000,000 2003 $4,509,000,000 2002 $4,379,000,000 2001 FOOT LOCKER, INC. About the Company Foot Locker, Inc. (NYSE: FL) is the world's leading Additionally, the Company's Footlocker.com/Eastbay retailer of athletic footwear and apparel. Headquartered business operates a rapidly growing direct-to-customers in New York City, it operates approximately 3,600 athlet- business offering athletic footwear, apparel and equip- ic retail stores in 16 countries in North America, Europe ment through its Internet and catalog channels. and Australia under the brand names Foot Locker, Lady Foot Locker, Kids Foot Locker and Champs Sports. Athletic Stores Sales Per Average Gross Square Foot (dollars) 2003 $335 2002 $316 2001 $306 2000 $301 1999 $282 Operating Profit Margin (percent) 2003 7.2% 2002 6.0% 2001 4.5% 2000 4.2% 1999 -1.8% Income from Continuing Operations (millions) 2003 $209 2002 $162 2001 $111 2000 $107 1999 $59 ROE (percent) 2003 16.8% 2002 15.4% 2001 11.1% 2000 10.0% 1999 5.4% Table of Contents Shareholders’ Letter 1 Business Overview 4 Foot Locker 5 Champs Sports 6 Lady Foot Locker/Kids Foot Locker 7 Footlocker.com/Eastbay 8 Form 10-K 9 Board of Directors, Corporate Management, Division Management, Corporate Information IBC Cover image illustrates sales growth. SHAREHOLDERS’LETTER The successful implementation of strategic initiatives has contributed to our significantly improved profitability, strong cash flow and solid balance sheet. Since the commencement of the new 2003 Financial Highlights dence and a highly promotional retail millennium, our financial results have 2003 was a significant year for us. environment. Yet, despite the overall consistently improved on a quarter-over- We reported strong growth in earnings retailing environment, we succeeded by quarter and year-over-year comparative and cash flow, and also better posi- differentiating our businesses from the basis, and, I am pleased to say that in tioned ourselves to continue to report competition by identifying emerging 2003 we continued Foot Locker, Inc.’s further gains in the future. Every year is fashion trends early and working closely strong track record of producing mean- filled with distinct challenges as well as with our suppliers to develop new and ingful earnings growth and a further unique opportunities, and 2003 was no exclusive products for our customers. strengthening of our financial position. exception. First, however, let’s review Growth At Home And Abroad Moreover, our near-term and longer-term our financial results: The balance we are building into our prospects are promising and we believe • Total sales increased 6.0 percent to business model is an important factor that we are just beginning to hit our $4.8 billion. that has contributed to our impressive stride. • Operating profit margin expanded to financial performance. Namely, we are Our significant accomplishments over 7.2 percent from 6.0 percent. growing our business both at home and the past four years are attributable to • Earnings per share grew by 27 abroad. In fact, our most significant the hard work and dedication of our percent to $1.40 from $1.10. sales and profit growth were generated 40,000 worldwide associates. We have • Return on equity improved to 16.8 by our stores operating in international 1 built a results-oriented culture within a percent from 15.4 percent. regions. Europe, where we currently highly disciplined organization that is • Total cash, net of debt increased operate 427 stores, generated a 40 per- focused on improving returns for our by $112 million. cent increase in total sales and produced shareholders. While we are highly record profits during 2003. We have tar- encouraged by our recent progress, we Identifying Emerging geted this market as a significant oppor- remain focused on continuing to raise Fashion Trends Early tunity for profitable growth over the the bar for ourselves. We are committed As we entered 2003, our stores in the next several years. In total, our athletic to enhancing shareholder value by driv- United States faced several unfavorable store segment sales grew by 6.1 percent ing continued earnings per share growth trends that put pressure on comparable- and, more importantly, division profit and by using the cash that we are gen- store sales. These trends included a increased 30 percent. erating to both reinvest in our business fashion-shift to lower-priced classic and to pay cash dividends to our share- footwear, declining customer traffic in holders. shopping malls, weak consumer confi- Financial Highlights (Millions, except per share amounts) 2003 2002 2001 Sales $ 4,779 $ 4,509 $ 4,379 Total operating profit $ 342 $ 269 $ 197 Income from continuing operations $ 209 $ 162 $ 111 Diluted EPS from continuing operations $ 1.40 $ 1.10 $ 0.77 Cash, net of debt $ 112 $ --- $ (184) Gross Square Footage Store Summary 2003 2004 February 1, January 31, Remodeled/ Average Total Targeted 2003 Opened Closed 2004 Relocated Size (in thousands) Openings Foot Locker 1,477 30 59 1,448 75 4,100 5,916 33 Lady Foot Locker 606 2 24 584 105 2,200 1,303 2 Kids Foot Locker 377 — 20 357 19 2,400 863 1 Foot Locker International 583 64 7 640 10 2,800 1,823 68 Champs Sports 582 17 18 581 41 5,600 3,239 6 Total 3,625 113 128 3,610 250 3,600 13,144 110 Another source of sales and profit sales growth trend that we experienced sion into the Asia/Pacific region being growth in 2003 was our direct-to-cus- last year. Our U.S. stores have reached explored for the longer-term. Our plans tomers business. This business segment an inflection point, having passed the in 2004 call for growing our international is comprised of our Footlocker.com and one-year anniversary of the trends that store base by approximately 10 percent, Eastbay Internet and catalog channels. put pressure on our athletic footwear including the planned entrance into the Division profit from this segment sales during the first three quarters of Republic of Ireland, Hungary and the increased 33 percent during 2003, reach- 2003. Moreover, we believe that we will Czech Republic, each of which represents ing $53 million, or 14.5 percent of sales. also benefit from a healthier athletic a new market for Foot Locker, Inc. footwear and apparel retail industry, Investment In Our Future including indications of continued con- Growing our direct-to-customers chan- While 2003 was an excellent year in solidation of other U.S. retail athletic nels profitably is the Company’s second terms of our financial performance, it companies. key strategy. This segment is the was also a period of continued invest- Company’s fastest growing business area, ment in our future, from store base As we move forward, we will continue to propelled by the explosive growth of the growth to enhancements to our opera- be guided, first and foremost, by our Internet for retail shopping. We plan to 2 tional and technological infrastructure. overarching goal of enhancing share- continue to expand this business We opened 113 new stores and remod- holder value by expanding our leadership through internally generated initiatives eled or relocated 250 existing stores position in the global specialty athletic and by identifying new ventures with during the year. We also continued to footwear and apparel retail industry. other well-known third parties. invest in several projects designed to Toward this goal, we are continuing to strengthen our sourcing, information implement our Company’s three key The Company’s third key strategy is to systems and merchandise distribution ongoing strategies: enhance the profitability of its U. S. capabilities – an infrastructure which stores through several initiatives includ- • Open additional stores in we believe is one of the most efficient ing those designed to lower its occupan- international markets. in the retail industry. We initiated the cy rate as a percentage of sales. We are installation of a new state-of-the-art • Rapidly grow direct-to-customers aggressively remodeling and relocating point of sale system in our Champs channels. certain stores, opening new stores in high-volume locations, closing unprof- Sports and Foot Locker U.S. stores, • Improve productivity of U.S. itable units, and selectively negotiating completed arrangements to expand our store base. European distribution center in 2004 new lease arrangements. Longer-term, and enhanced the productivity of our Several existing and new international sustained profitability growth is predi- direct-to-customers fulfillment center. markets have been identified for expan- cated on our ability to continue to dis- sion that we expect will provide Foot tinguish our businesses from their Continued Future Growth - Locker, Inc. with significant opportuni- competition, by providing trend-right 2004 And Beyond ties to grow its store base. Europe pro- products and superior customer service vides our most significant opportunity As we look forward to 2004, we are through convenient retail channels. over the near term with further expan- very encouraged given the improving The ability to operate profitably in international markets provides our Company with geographic diversification and exciting growth opportunities. Matthew D. Serra Enhanced Shareholder Value Reflecting its confidence in the commitment to our Company as a mem- The Company ended 2003 in a strong Company’s future growth and profitability, ber of our Board and as the Board’s Lead financial position, with a cash position, towards the end of 2003 the Board of Director. net of debt, of $112 million. We have Directors doubled the cash dividend on financed all of the cash requirements of common stock, raising the annual rate Finally, we value the ongoing support of our worldwide store expansion of recent from $0.12 to $0.24 per share.
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