Foot Locker Profits Up 13 Percent in Q2

Foot Locker Profits Up 13 Percent
Foot Locker is putting QR codes in stores to send shoppers online.

Foot Locker Inc. reported a strong second quarter but delivered results below analyst expectations.

Net income for the quarter ended Aug. 3 rose to $66 million, or 44 cents per diluted share, up from the $59 million or 39 cents, the company reported for the second quarter of 2012. Net sales during the quarter were $1.45 billion, compared to $1.37 billion for the year-ago quarter.  

Analysts polled by Yahoo Finance had expected earnings of 48 cents on sales of $1.46 billion.

“Sales in the second quarter were more challenging than we planned for, especially in the United States,” said Chairman and CEO Ken Hicks in a statement. “Despite this headwind, we produced second-quarter ongoing profit and sales results that were our best ever at Foot Locker Inc., demonstrating that the execution of our strategic priorities continues to deliver solid financial and operational results for our shareholders and other stakeholders. We remain confident that we can achieve a mid-single digit comparable-sales gain and a double-digit percentage profit increase for fiscal 2013, as we build momentum in our operational and financial performance now and over the long term.”