Foot Locker 2Q profit up as sales improve

Foot Locker 2Q rises as sales improve partly because of Runners Point acquisition

Associated Press

NEW YORK (AP) -- Foot Locker's second-quarter net income rose 12 percent thanks in part to a recent acquisition.

For the period ended Aug. 3, the athletic shoe and clothing company earned $66 million, or 44 cents per share. A year earlier it earned $59 million, or 39 cents per share.

Removing some store closing and acquisition-related costs, earnings were 46 cents per share.

Analysts, on average, expected earnings of 47 cents per share.

Last month Foot Locker completed its purchase of privately held German athletic store chain Runners Point Group for $94 million.

Revenue increased 6 percent to $1.45 billion from $1.37 billion, meeting Wall Street's view.

Revenue at stores open at least a year, a key indicator of a retailer's health, climbed 1.8 percent. This metric excludes results from stores recently opened or closed.

Foot Locker Inc. still expects a double-digit percentage increase in its fiscal 2013 earnings and a mid-single digit rise in revenue at stores open at least a year.

The company had 3,495 stores in 23 countries in North America, Europe, Australia, and New Zealand at quarter's end. Its stock added 51 cents to $34.52 in Friday premarket trading.

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