Foot Locker advances after Q2 results beat expectations

Footwear and apparel retailer Foot Locker (FL) is climbing after the company reported stronger than expected Q2 results, and noted that its comparable sales had jumped 9.8% during the quarter. Moreover, the retailer reported that its comparative sales are jumping by double digit percentage levels so far this month. Foot Locker even indicated that its European business was improving, with same-store sales on the continent increasing by mid single digit percentage levels so far in August. "Our business remains solid in the U.S. Canada, and Australia, and it seems to be picking up in Europe," said Foot Locker CEO Ken Hicks. Despite the optimistic outlook, Foot Locker expects its comparative sales to increase only at the high end of mid single digit percentage levels in the second half of its fiscal year. The retailer also expects its gross margin to increase slightly in the second half of its fiscal year. In mid-morning trading, Foot Locker rose 59c, or 1.71%, to $35.08.