Foot Locker Tops Analyst Predictions in Q3

New York-based athletic retailer Foot Locker Inc. sped ahead in the third quarter, topping analyst predictions for net income and sales.
The firm’s net income was $120 million, or 82 cents per diluted share, a 15 percent increase over the year-ago period, when net income was $104 million, or 70 cents per share.
Revenue and comparable-store sales saw a significant bump in the quarter ending Nov. 1. Sales were $1.7 million, a 6.7 percent increase over third-quarter 2013, when sales were $1.6 million. Foot Locker’s comparable-store sales grew 6.9 percent.
“The team at Foot Locker has produced another very strong quarter, marking our 19th consecutive quarter of meaningful sales and profit growth,” Ken C. Hicks, chairman and CEO, said in a statement.
“We are making substantial progress toward our key operational and financial objectives, including net income margin, sales per gross square foot, and return on invested capital. Our banners have strong positions in the athletic marketplace, our financial footing is solid, and we have a depth of talent — at the store, field and management levels — that is second to none,” he added.

The chairman plans to retire on Dec. 1.

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