Foot Locker Posts Same-Store Sales Growth
August 19 2016 - 8:50AM
Dow Jones News
Foot Locker Inc. said sales grew across its segments and regions
as profit and revenue rose in its latest quarter.
Shares climbed 4.1% to $64.22 in premarket trading as results
topped Wall Street expectations.
In the second quarter, sales at existing stores rose 4.7%,
beating the 3.9% analysts polled by Thomson Reuters had
expected.
The company said it posted comparable sales growth across
basketball, running, classic footwear and apparel and that the
growth was broad-based, with gains across all of its regions and
channels.
Results come after rivals Hibbett Sports Inc. beat its earnings
forecast and Dick's Sporting Goods Inc. said the impact of the
bankruptcy of Sports Authority Inc. was better-than-expected.
In all, Foot Locker reported a profit of $127 million, or 94
cents a share, up from $119 million, or 84 cents a share, in the
year-prior quarter. Revenue increased 5% to $1.78 billion.
Analysts projected 90 cents in earnings per share on $1.76
billion in sales.
During the quarter, Foot Locker opened 23 new stores, closed 18
and remodeled or moved 64 stores, ending the quarter with 3,401
total stores in 23 countries.
Write to Austen Hufford at austen.hufford@wsj.com
(END) Dow Jones Newswires
August 19, 2016 08:35 ET (12:35 GMT)
Copyright (c) 2016 Dow Jones & Company, Inc.
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