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Foot Locker Jumps In Pre-market As Earnings Surpass Estimates

Shares of specialty athletic footwear and apparel retailer Foot Locker, Inc. (FL) are rising more than 3% in pre-market on Friday after reporting better-than-expected first-quarter earnings.

The company reported net income of $133 million, or $1.37 per share, for the first quarter, compared with $202 million, or $1.93 per share, for the corresponding prior-year period.

Excluding special items, earnings were $1.60 per share, that beat the average estimate analysts polled by Thomson Reuters of $1.55 per share.

Sales for the quarter increased to $2.175 billion from $2.153 billion last year. The consensus estimate was for $2.21 billion.

Looking forward, the company expects adjusted EPS to be at the upper end of $4.25-$4.60. Analysts see earning os $4.41 per share for the period.

Sales for the year is expected to be at the upper end of the outlook of down 4%-6%. Analysts expect revenue to decline 5.7% from last year.

"Following our solid results from the first quarter, our strong inventory position going into the remainder of the year, and our strengthening vendor relationships, based on our current visibility, we now expect to achieve the upper end of our revenue and earnings guidance for the full year," said Andrew Page, Executive Vice President and Chief Financial Officer.

FL closed at $30.30, down 2.01% on Thursday. It has traded in the range of $26.36 - $64.80 in the past 1 year.

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