Foot Locker Reports Record Sales And Profits; Shoe Manufacturers Trade Higher

Benzinga

Foot Locker (NYSE: FL) reported its second quarter results Friday morning.

The retailer earned $0.64 per share, topping analyst expectations. Revenue of $1.64 billion was $70 million higher than analysts expected.

In a statement, Foot Locker's Chief Executive Officer Ken Hicks said that the company achieved record levels of sales and profits in the quarter. Net income for the quarter rose to $92 million from $66 million a year ago. The executive also added that the company continues to take advantage of its "winning formula" which is providing its customers with the most popular shoes and athletic apparel at competitive prices.

Shares of Foot Locker traded to new 52-week highs of $55.33 Friday morning. It was down to $54.38 at last check.

NPD Group estimated that basketball shoe sales rose 21 percent during the last year, compared to a four percent decline in the overall athletic footwear market. When Foot Locker reported its first quarter results, the company noted that its basketball shoe sales were driven by sales of Nike's (NYSE: NKE) Jordan and marquee players including Lebron James, Kevin Durant and Kobe Bryant.

Shares of Nike were last trading higher by 0.53 percent.

Under Armour (NYSE: UA) and Foot Locker introduced a new set of ClutchFit Drive Elite 24 Collection drops in August. While Under Armour's collaboration with Foot Locker isn't as large as Nike's, Foot Locker did mention during the first quarter that Under Armour's Speedform Apollo shoes "got off to a good start" when the new shoes were released in the quarter.

Shares of Under Armour were last up 1.47 percent.

Shares of Finish Line (NASDAQ: FINL) were also up 0.82 percent. Finish Line's most recent quarterly result was reported in June. The company beat both top and bottom line estimates, while reporting comparable store sales rose five percent; comparable store sales will remain in the mid-single digits for the entire fiscal year.

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