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Foot Locker 3Q net income falls 2 pct

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The Associated Press | November 22, 2013 09:22 AM EST | AP


NEWS: Foot Locker Inc. said Friday its third-quarter net income fell 2 percent, hurt by tough comparisons to a prior-year period boosted by one-time gains.

DETAILS: The New York company said its revenue at stores open at least a year increased 4.1 percent. The metric is a key measure of a retailer's health, because it excludes sales at stores that recently opened or closed.

NUMBERS: For the quarter ended Nov. 2, the athletic shoe retailer earned $104 million, or 70 cents per share, compared with $106 million, or 69 cents per share, in the same quarter of 2012. Excluding one-time items, the company posted an adjusted profit of 68 cents per share, up from an adjusted 63 cents per share.

Revenue rose 6 percent to $1.62 billion from $1.52 billion.

Analysts, on average, expected a profit of 66 cents per share on $1.57 billion in revenue, according to FactSet.

STOCK: Foot Locker shares rose $2.24, or 6.1 percent, to $39 in premarket trading. Its shares are up more than 14 percent so far this year.