November 30, 2007 / 8:16 PM / 11 years ago

Foot Locker CEO buys 100,000 shares on open market

WASHINGTON, Nov 30 (Reuters) - The chairman and chief executive of Foot Locker Inc (FL.N) bought 100,000 shares in the athletic shoe retailer a week after the company posted disappointing third-quarter results, according to a regulatory filing on Friday.

Matthew Serra reported in a filing with the U.S. Securities and Exchange Commission that he bought the shares for about $12.74 on Nov. 29, increasing his direct holdings by more than 17 percent to 681,650 shares.

The company’s president and CEO of Foot Locker International also snapped up shares on Nov. 29, buying 4,000 shares at about $12.60. The transactions raised Ronald Halls’s direct holdings to 103,856 shares.

Matthew McKenna, a director at Foot Locker, recently reported buying 8,000 shares on Nov. 27 for about $12.92 each, bringing his direct holdings to 14,616 shares.

The insider buys came near a multiyear stock low for Foot Locker, which is faced with a slowing consumer economy and is shuttering unproductive stores, according to a research note at InsiderScore.com.

The note said Serra’s buys were the first for him in at least five years.

Shares of Foot Locker were trading around $14 per share before the company reported earnings on Nov. 20 that missed expectations.

The shares hit a year low of $11.78 on Nov. 21.

Foot Locker was up 54 cents, or 4.3 percent, to $13.09 during afternoon trading on the New York Stock Exchange.

(Reporting by Karey Wutkowski; Editing by Brian Moss)

((Reuters Messaging: karey.wutkowski.reuters.com@reuters.net; karey.wutkowski@reuters.com; +1 202 898 8399)) Keywords: FOOTLOCKER/SERRA

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