Foot Locker Post Record Q1 Earnings, Beats Estimates

footlockerNew York—Foot Locker reported Friday that its first quarter profit rose 17% as the athletic specialty retailer recorded record earnings ahead of estimates.

For the quarter ended May 3, Foot Locker posted net income of $162 million, or $1.10 a share, compared with $138 million or 90 cents a share last year. Excluding items, earnings were $1.11 a share. That was ahead of the $1.06 estimate by analysts.

Net revenue increased 14% to $1.87 billion, ahead of analysts’ consensus for $1.79 billion in sales. Comparable store sales were up 7.6%. (Excluding the effect of foreign currency fluctuations, total sales rose 13.4%).

Gross margin widened to 34.6% from 34.2%, while the rate of selling, general, and administrative expenses improved to 19% of sales from 19.2%.

“We are off to a great start in 2014, with our first quarter results representing the highest quarterly sales and profits in our history as an athletic company—for the third consecutive year,” said Ken C. Hicks, chairman/ceo. “Every person in our company is playing an important role in producing our current strong performance, bringing passion, energy, and excellence to the execution of our strategies and initiatives as we work towards the achievement of our long-term financial and operational objectives.”

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Jeff Prine

Jeff Prine, Editor at Large, Accessories Magazine
Jeff returns as a regular contributor to Accessories magazine. Initially Jeff worked as senior editor at Accessories more than 20 years ago and his love of the industry has followed him until present. Since his tenure here, Jeff has continued to report jewelry, watch and other luxury goods trends as executive editor at Modern Jeweler magazine, fashion director at Lustre, and as contributor on products and trends for consumer and trade publications and websites. In addition to his editorial experience, Jeff also served as an adjunct instructor for accessories merchandising at Fashion Institute of Technology.