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Foot Locker Q3 Adj. Profit Declines, Comps Up 0.8%; Raises 2022 EPS Guidance

Foot Locker, Inc. (FL) reported third quarter non-GAAP net income of $1.27 per share, compared with $1.74, a year ago. On average, 18 analysts polled by Thomson Reuters expected the company to report profit per share of $1.11, for the quarter. Analysts' estimates typically exclude special items.

Net income was $96 million, or $1.01 per share, compared with $158 million, or $1.52 per share, prior-year.

Total sales decreased by 0.7%, to $2.17 billion. Excluding the effect of foreign exchange rate fluctuations, total sales increased by 3.3%. Third quarter comparable-store sales increased by 0.8%. Analysts on average had estimated $2.09 billion in revenue.

The company increased 2022 non GAAP EPS guidance to $4.42-$4.50, from prior range of $4.25-$4.45. Comp sales are projected to be down 4% to 5%, revised from prior outlook of down 8% to 9%.

The company expects fourth quarter non GAAP EPS in a range of $0.45-$0.53. Comp sales are projected to be down 6% to 8%.

Shares of Foot Locker are up 23% in pre-market trade on Friday.

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