Specialty athletic retailer Foot Locker, Inc. (FL) Friday reported a significant increase in profit for the third quarter, helped by strong sales growth at established stores. Both earnings and revenues topped Wall Street estimates. The stock is gaining around 6 percent in pre-market activity.
Net income surged to $106 million or $0.69 per share from $66 million or $0.43 per share in the prior year and $59 million or $0.39 per share in the preceding quarter.
The latest results include a tax benefit of $0.06 per share, as a result of a settlement of a foreign tax audit. Adjusted earnings were $0.63 per share. On average, 14 analysts polled by Thomson Reuters expected earnings of $0.54 per share for the quarter. Analysts' estimates typically exclude special items.
Sales increased 9.3 percent to $1.52 billion from $1.39 billion for the same period last year, exceeding Wall Street expectation of $1.47 billion. Excluding currency impact, total sales increased 11 percent. In the preceding second quarter, sales totaled $1.37 billion.
Comparable-store sales increased 10.2 percent, consisting of a 9.4 percent increase in store sales and an 18.3 percent increase in direct-to-customer sales.
As at October 27, Foot Locker's merchandise inventory was $1.24 billion, up 3 percent from the end of the third quarter last year.
During the quarter, the company repurchased 841 thousand shares of its common stock for $29.7 million.
In the first nine months, the company opened 70 new stores, remodeled/relocated 159 stores and closed 72 stores.
Ken Hicks, CEO, said, "Our team put together another outstanding quarter, delivering a double digit sales gain and controlling expenses to drive our bottom line earnings to new heights...Inventory turns are improving; sales per square foot are increasing; and by investing in our people and giving them the best tools to succeed with the customer, our associates are becoming even more productive, too."
FL closed on Thursday at $31.85. The stock is up nearly 6 percent at $33.75 in pre-market activity.
For comments and feedback contact: editorial@rttnews.com
Business News
June 05, 2026 16:18 ET A busy week for economic news flow saw a slew of reports being released that reflected the trends in the U.S. labor market. In Europe, economic growth and inflation data gained attention as the European Central Bank and Bank of England head for policy session later in the month. In Asia, the monetary policy session of the Indian central bank was in focus as the country, a major oil importer, reels under the pressures of a weaker rupee and rising inflation.