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Foot Locker Guides FY19 Adj. EPS Well Above Estimates; Shares Up 18% - Quick Facts

Provided sales and earnings update for the second quarter on Monday, specialty athletic retailer Foot Locker, Inc. (FL) announced that comparable store sales increased approximately 18 percent for the second quarter.

"In the midst of the COVID pandemic, our team delivered strong second-quarter results. As we continued to reopen stores throughout the quarter, we saw a strong customer response to our assortments, which we believe was aided by pent-up demand and the effect of fiscal stimulus," said Richard Johnson, Chairman and CEO.

For the second quarter, the company now projects earnings in a range of $0.38 to $0.42 per share and adjusted earnings in a range of $0.66 to $0.70 per share.

On average, 21 analysts polled by Thomson Reuters expect the company to report a loss of $0.06 per share for the quarter. Analysts' estimates typically exclude special items.

The Company plans to report financial results for its second quarter ended August 1, 2020 before the U.S. markets open on Friday, August 21, 2020.

The Company also said it does not plan to provide a full-year 2020 outlook at this time, due to the uncertainty surrounding the evolving COVID-19 pandemic and its potential impact on the back-to-school season, team sports participation, and additional government stimulus packages.

The Company previously withdrew its full-year 2020 guidance in March.

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