Fourth quarter comparable-store sales decreased by 2.7%, while total sales decreased by 1.4% (US$2,189 million compared with US$2,221 million in the fourth quarter of 2019). Excluding the effect of foreign exchange rate fluctuations, total sales for the quarter decreased by 3%.

Sales for 2020 were US$7,548, a decrease of 5.7% compared to sales of US$8,005 million in fiscal 2019. Full-year comparable-store sales decreased by 5.9% and total sales decreased by 6.3%, excluding the effect of foreign exchange fluctuations.

Richard Johnson, Chairman and Chief Executive Officer, said: “Based on the resiliency we have shown over the course of 2020, I am looking forward with renewed optimism as we continue to advance our long-term strategies and build value for all our stakeholders.”

Lauren Peters, Executive Vice President and Chief Financial Officer added: “Although over 10 percent of our store fleet is temporarily closed at present due to Covid-19 restrictions, the strength of our financial position leaves us well prepared to continue navigating the macro challenges, while protecting our bottom line and investing in our growth.”

Financial Position

On January 30, 2021, Foot Locker’s merchandise inventories were US$923 million, 23.6% lower than at the end of the fourth quarter in January 2020. Using constant currencies, inventory decreased by 25.5%.

At year-end, the Company’s cash and cash equivalents totalled US$1,680 million, while the debt on its balance sheet was US$110 million. Foot Locker’s total cash position, net of debt, was $785 million higher than at the same time last year. In addition, the Company invested US$159 million in its store fleet, digital platforms, supply chain and logistics capabilities, and other infrastructure.