Foot Locker Reports Stellar Q2 Earnings

In Industry News, Reports, What's New by Jeff PrineLeave a Comment

footNew York—Foot Locker Inc. reported Friday some stellar second quarter earnings: $92 million in net income soaring past analysts’ estimates.

On a per share basis, the athletic retailer had net income of 63 cents. Adjusted for asset impairment costs, they came to 64 cents a share, surpassing analysts’ estimate for 54 cents a share.

Net revenue rose 13% to $1.64 billion, beating analysts’ consensus for $1.57 billion. Comparable store sales rose 7% again ahead of the 5.4% growth analysts predicted.

Foot Locker is overcoming a broader retail slump by revamping store layouts and merchandising, while closing weaker locations. CEO Ken Hicks also has noted that more running shoes, the best-performing part of the athletic-footwear market, were added.

The results have helped Foot Locker on Wall Street too. Its shares have risen 27% since the beginning of the year. The stock has increased 54% in the last 12 months.

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