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Foot Locker to close 110 stores in 2018

New York-based sportswear company Foot Locker Inc. will close 110 stores in 2018, as it continues to minimize its under-productive stores and open select, high-profile stores to cut costs, the company's CFO Lauren Peters said March 2 during the company's fiscal fourth-quarter 2017 earnings call.

Peters also warned that Foot Locker's comparable sales in the first quarter of 2018 will decline more than they did in the second half of 2017. Overall, the company expects flat to low-single-digit comparable sales growth for 2018.

Foot Locker's depreciation and amortization expense will increase to approximately $180 million in 2018, up from $173 million in 2017. The company will open 40 new stores in 2018, down from 100 new store openings a year that the company achieved previously.

Foot Locker also closed 47 stores in the fourth quarter ended Feb. 3, 2018.