Foot Locker, Inc. (NYSE:FL) Q4 2014 Earnings Conference Call - Final Transcript
Mar 06, 2015 • 09:00 am ET
Good morning ladies and gentlemen and welcome to Foot Locker's Fourth Quarter and Full Year Financial Results for 2014. At this time, all participants are in a listen-only mode. Later, we will conduct a question-and-answer session.
This conference call may contain forward-looking statements that reflect management's current views of future events and financial performance. These forward-looking statements are based on many assumptions and factors, including the effects of statements -- including the effects of currency fluctuations, customer preferences, economic and market conditions worldwide, and other risks and uncertainties described in the company's press releases and SEC filings. We refer you to Foot Locker Inc's most recently filed Form 10-K or Form 10-Q for a complete description of these factors. Any changes in such assumptions or factors could produce significantly different results, and actual results may differ materially from those contained in the forward-looking statements. If you have not received today's release, it is available on the internet at www.prnewswire.com or www.footlocker-inc.com. Please note that this conference is being recorded.
And I will now turn it over to Mr. John Maurer, Vice President, Treasurer and Investor Relations. You may begin sir.
Thank you, Brandon and good morning everyone. I'd like to welcome you to Foot Locker Inc's fourth quarter and 2014 full year earnings conference call. Thank you for joining us today. As noted in this morning's press release, we reported GAAP net income of $146 million in the fourth quarter, 21% more than the $121 million that the Company earned in the fourth quarter, last year.
On a per-share basis, we earned $1.01 this year on a GAAP basis, compared to $0.81 in the same period a year ago, a 25% increase. For the full year, we topped $0.5 billion in net income for the first time in our history as an athletic company, reaching a total of $520 million. This represents a 21% increase over the $429 million that the Company earned in 2013.
Earnings per share improved 25% to $3.56 from $2.85 per share. As noted in our release, we had a one-time gain from the sale of property as well as the write down of the trademark. Excluding these items fourth quarter non-GAAP EPS was an even $1, a 22% increase over the $0.82 of share we earned on the non-GAAP basis last year. A reconciliation of our GAAP to non-GAAP results is included in our press release, and except as otherwise indicated, the numbers mentioned during our remarks this morning will be based on the non-GAAP results.
With me this morning are Dick Johnson, President and Chief Executive Officer and Lauren Peters, Executive Vice President, and Chief Financial Officer. Lauren will lead up our call with a detailed look at our fourth quarter financial performance followed by Dick, who will provide insight into some of the merchandise and industry trends that led to our strong results. Lauren will wrap up our prepared remarks with an overview of our annual and quarterly expectations for 2015.
As we announced