Foot Locker 2005 Annual Report Download - page 52
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Operating Results
2005 2004 2003
(in millions)
Athletic Stores ............................................. $419 $420 $363
Direct-to-Customers ........................................ 48 45 53
467 465 416
All Other
(1)
................................................ — 2 1
Division profit .............................................. 467 463 415
Corporate expense
(2)
...................................... 58 74 73
Operating profit ............................................ 409 389 342
Other income
(3)
........................................... (6) — —
Interest expense, net ...................................... 10 15 18
Income from continuing operations before income taxes . .. $405 $374 $324
(1) 2004 and 2003 include restructuring charges of $2 million and $1 million, respectively.
(2) 2004 includes integration costs of $5 million related to the acquisitions of Footaction and the 11 stores in the Republic of Ireland.
(3) 2005 includes a $3 million gain from insurance recoveries associated with Hurricane Katrina. Additionally, $3 million represents a net gain on
foreign currency option contracts that were entered into by the Company to mitigate the effect of fluctuating foreign exchange rates on the
reporting of euro dominated earnings.
Depreciation and
Amortization Capital Expenditures Total Assets
2005 2004 2003 2005 2004 2003 2005 2004 2003
(in millions)
Athletic Stores .................... $141 $126 $123 $137 $139 $126 $2,322 $2,335 $1,739
Direct-to-Customers ............... 6 5 4 6 8 6 196 190 183
147 131 127 143 147 132 2,518 2,525 1,922
Corporate ......................... 24 23 25 12 9 12 794 711 789
Discontinued operations .......... 1 2
Total Company .................... $171 $154 $152 $155 $156 $144 $3,312 $3,237 $2,713
Sales and long-lived asset information by geographic area as of and for the fiscal years ended January 28, 2006,
January 29, 2005 and January 31, 2004 are presented below. Sales are attributed to the country in which the sales
originate, which is where the legal subsidiary is domiciled. Long-lived assets reflect property and equipment. The
Company’s sales in Italy and France represents approximately 39, 40 and 38 percent of the International category’s sales
for the three year period ended January 28, 2006. No other individual country included in the International category
is significant.
Sales
2005 2004 2003
(in millions)
United States .............................................. $4,257 $3,982 $3,597
International ............................................... 1,396 1,373 1,182
Total sales ................................................. $5,653 $5,355 $4,779
Long-Lived Assets
2005 2004 2003
(in millions)
United States .............................................. $523 $547 $525
International ............................................... 152 168 143
Total long-lived assets ..................................... $675 $715 $668
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