Venator Alters Focus, Name to Foot Locker

Venator Group Inc. on Tuesday reported a drop in profit as it closed some businesses and announced plans to change its name to Foot Locker Inc. to reflect its focus on athletic retailing.

Venator, the nation’s largest athletic apparel retailer, was known as Woolworth Corp. before shedding its chain of nickel-and-dime stores a few years ago.

It said charges for plans to shed its nonathletic businesses, including its Burger King franchises, resulted in a loss of $14 million for the quarter ended Aug. 4.

Venator’s profit from continuing operations fell 69% to $4 million, or 3 cents a share. Excluding costs related to the anticipated sale of some businesses, Venator said profit jumped 87% to $28 million, or 20 cents a share. Analysts were expecting earnings of 17 cents on that basis, according to Thomson Financial/First Call.

Sales rose 7.9% to $1.05 billion, while sales at stores open at least a year grew 7.7%.

The name change requires shareholder approval, which is expected in November.

Shares of Venator fell 79 cents to close at $17.65 on the New York Stock Exchange.

Other retail earnings, excluding one-time gains or charges unless noted, include:

* BJ’s Wholesale Club Inc. said its second-quarter earnings rose 17% to $36.5 million, or 49 cents a share, matching forecasts. Sales increased 9% to $1.3 billion, and same-store sales were up 3.9%.

* Staples Inc. said its second-quarter profit fell 5.5% to $40.35 million, or 9 cents a share. Sales grew 5% to $2.31 billion, while same-store sales fell 3%.

* Saks Inc. said its second-quarter loss widened to $42.4 million, or 30 cents a share, from $5.79 million, or 4 cents, a year ago, as sales fell 8.5% to $1.27 billion.

* Talbots Inc. said its second-quarter profit rose 22% to $17.8 million, or 28 cents a share, slightly higher than expectations. Sales rose 6% to $384.3 million.