Plus   Neg

Foot Locker Q3 Profit Tops Estimates, Comps. Up 5.7%; Shares Jump

Foot Locker, Inc. (FL) reported third-quarter non-GAAP earnings of $1.13 per share compared to $0.95, a year ago. On average, 22 analysts polled by Thomson Reuters expected the company to report profit per share of $1.08, for the quarter. Analysts' estimates typically exclude special items.

Third-quarter comparable-store sales increased 5.7 percent. Total sales increased 3.9 percent, to $1.93 billion. Excluding the effect of foreign exchange rate fluctuations, total sales increased 5.1 percent. Analysts expected revenue of $1.94 billion, for the quarter.

For the third-quarter, gross margin rate increased to 32.1 percent from 31.6 percent a year ago. SG&A rate improved 10 basis points, for the quarter. During the third quarter, the company opened 11 new stores, remodeled or relocated 34 stores, and closed 25 stores.

Lauren Peters, CFO, said, "The strong results we delivered in the quarter reflect our work to drive the top line, while continuing to strengthen our operational execution, as reflected in our improved gross margin, SG&A, and inventory productivity. As we enter the all-important holiday selling season, we will remain focused on execution to continue to position us to achieve our long-term financial objectives."

Shares of Foot Locker, Inc. were up nearly 3% in pre-market trade on Friday.

For comments and feedback contact: editorial@rttnews.com

Business News

Editors Pick
U.S. retailers Best Buy Co. Inc., Abercrombie & Fitch Co., and Dollar Tree Inc. on Tuesday reported results for the third quarter that surpassed analysts' expectations. The upbeat results indicate that retailers have largely recovered from the impact of the coronavirus pandemic just as the holiday season approaches. The companies have also intensified their focused on digital sales. The U.S. Food and Drug Administration approved the first drug to treat primary hyperoxaluria type 1 (PH1), an ultra-rare genetic disorder which causes recurrent kidney stones and loss of kidney function. Alnylam Pharmaceuticals' Oxlumo (lumasiran) in the form of injection lowers urinary oxalate levels in pediatric and adult patients. The U.S. federal government's General Services Administration or GSA has awarded a five-year federal transportation contract, estimated to be worth up to $810 million, to Uber Technologies Inc. and Lyft Inc., according to multiple reports. Under the contract, the ride-hailing companies would provide services to various public agencies and their around 4 million employees across the nation.
Follow RTT