Foot Locker Targets Sales Of $10 Bln By 2020

Foot Locker Inc. said on Monday it targets annual sales of $10 billion by 2020. In detailing its long-term financial goal at an investor meeting, the company also targets sales per gross square foot of $600. Foot Locker reported $7.15 billion in sales last year. FactSet data showed it had $460 sales per square foot in fiscal 2014. Among its growth initiatives, the company plans to expand its apparel and European businesses and increase sales to women and kids. Online sales also will be a growing focus, Foot Locker said. Its shares were little changed in after-hours trading. The stock is trading near its all-time high as the company has benefited from so-called athleisure trend and demand for such products as Nike Inc. sneakers.