Foot Locker 1Q net income rises 8 pct
Foot Locker posts 8 pct increase in 1st-qtr net income as sales at existing stores rise
NEW YORK (AP) -- Foot Locker Inc. said Friday that its first-quarter net income rose 8 percent, helped by higher sales at its established stores. The earnings beat Wall Street expectations, while revenue matched predictions.
For the quarter ended May 4, the athletic shoe retailer earned $138 million, or 90 cents per share, up from $128 million, or 83 cents per share, a year ago.
Excluding acquisition-related charges, the company posted an adjusted profit of 91 cents per share for the recent quarter.
Revenue rose 4 percent to $1.64 billion from $1.58 billion.
Analysts, on average, expected earnings of 88 cents per share on $1.64 billion in revenue, according to FactSet.
Foot Locker said its revenue at stores open at least a year increased 5.2 percent. The metric is a key measure of a retailer's health, because it excludes revenue at stores that recently opened or closed.
The company opened 25 new stores during the quarter and closed 39. As of May 4, Foot Locker operated 3,321 stores in 23 countries in North America, Europe, Australia, and New Zealand. There are an additional 45 franchised stores in the Middle East and South Korea.
Foot Locker shares fell 83 cents, or 2.3 percent, to $34.85 in premarket trading.
