Foot Locker, Inc. (NYSE:FL) Q4 2015 Earnings Conference Call - Final Transcript
Feb 26, 2016 • 09:00 am ET
Good morning, ladies and gentlemen, and welcome to the Foot Locker's Fourth Quarter 2015 and Full Year Financial Results Conference Call. [Operator Instructions]
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 currency fluctuations, customer preferences, economic and market conditions worldwide, and other risks and uncertainties described in the company's press release and SEC filings.
We refer you to Foot Locker's most recent filled 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 this conference is being recorded.
I will now turn the call over to John Maurer, Vice President, Treasurer, Investor Relations. Mr. Maurer, you may begin.
Thank you, Carlos, and good morning, everyone.
Welcome to Foot Locker Inc' s fourth quarter and full-year 2015 earnings conference call. Thank you very much for joining us today. As reported in this morning's press release, the company achieved GAAP net income of $158 million in the fourth quarter, up from $146 million in the fourth quarter last year. On a per share basis, we earned $1.14 this year on a GAAP basis, compared to $1.01 in the same period a year ago, a 13% increase.
As noted in our release, we had one-time items in both this just completed quarter and last year's Q4. This year, the company recorded a pre-tax charge of $5 million, $4 million after-tax, to reflect the impairment of certain Runners Point Group assets, thus reducing earnings by $0.02 per share. A year ago, the fourth quarter included a gain from the sale of a property, as well as a write-down of a trade name.
Excluding these items, fourth quarter non-GAAP EPS was $1.16, a 16% increase over the $1 a share we earned on a 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. The strong finish to the year brought our annual non-GAAP net income to $606 million, also 16% up from a year ago and our fourth consecutive year achieving record annual earnings. On a per share basis, earnings were $4.29 for the full year, an increase of 20% over last years $3.58.
Lauren Peters, Executive Vice President and Chief Financial Officer, will lead off our call this morning with a detailed look at our fourth quarter financial performance, followed by Dick Johnson, President and Chief Executive Officer, who will touch on product trends and our progress in year one, executing our current strategic initiatives as we work towards the long-term financial objectives outlined in last