Foot Locker Inc. is keeping its handle on the athletic retail market.
The New York-based retailer — which does business under nine different banners, including Lady Foot Locker, Champs, Footaction and Six:02 — today reported third-quarter earnings that surpassed expectations.
The company said its reported net earnings soared 96 percent year-over-year, to $157 million, or $1.17 per diluted share, compared with net earnings of $80 million, or 57 cents per share in the same period of 2015. Adjusted earnings per diluted share were 1.13, topping analysts’ expectations for diluted earnings per share of $1.10.
Foot Locker’s revenues also advanced 6 percent year-over-year, to $1.9 billion, which was in line with market watchers’ forecasts. Comparable sales rose 4.7 percent in the quarter.
“Our outstanding track record of meaningful sales and profit growth over several years is a strong testament to Foot Locker, Inc.’s solid position at the center of sneaker culture,” Foot Locker Chairman and CEO Dick Johnson said in a release. “Our associates work hard every day to make our company the sneaker lover’s preferred destination for the best footwear and apparel assortments across our array of outstanding athletic vendors. That work translated once again into an exceptional quarterly sales and profit performance.“
Foot Locker’s management said continued strategic execution, margin expansion and clean inventories going into the holiday season has led the firm to reiterate its full-year guidance of double-digit EPS growth and mid-single-digit comp gains.