Foot Locker 2005 Annual Report Download - page 11
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9
The Company purchased 349 Footaction stores from
Footstar, Inc. in May 2004 to expand its reach into urban
markets in the United States. Footaction's target customer
is a 15 to 30 year old male who is influenced by the “street”
and “hip-hop” culture. The benefits gained by the
Company from acquiring Footaction include providing an
excellent complementary fit with its other athletic formats
and expanding the demographic characteristics of the
Company's customer base.
Footaction stores, which average 4,700 gross square
feet, are conveniently located to their primary customers
and are properly sized to allow an attractive display of a
broad array of product choices. During 2005, a key focus of
the management team of Footaction was to improve cus-
tomer service levels and enhance the store's merchandise
offerings. Today, store associates are better trained to serv-
ice its customers and products are current, fashion-right
and well positioned for 2006.
As expected, Footaction made a meaningful sales and
profit contribution to the Company's financial results in
2005. Its division profit margin increased to the mid-single
digit range from a loss in the prior year. The Company
expects that the division profit of Footaction will continue
to be enhanced in the coming year and that its division mar-
gin rate will ultimately reach or exceed that of Foot Locker
U.S. Given its initial success and expected improvements,
the Company is currently pursuing additional store growth
for this chain.
Given Footaction's success and expected improvements,
the Company is currently pursuing additional store growth
for this chain.