Foot Locker and Hibbett Sporting Goods Race to Grab Sneaker Biz

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Foot Locker and Hibbett Sporting Goods Race to Grab Sneaker Biz

Foot Locker and Hibbett Sporting Goods Race to Grab Sneaker Biz
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Foot Locker and Hibbett Sporting Goods Race to Grab Sneaker Biz

by TheStreet.com Videos 2:03 mins

Foot Locker and Hibbett Sporting Goods both reported strong quarters, with sales increasing 13.4 percent and 18.7 percent, respectively. Foot Locker reported earnings of $1.10 a share with net income of $162 million, which beat last year's earnings of 90 cents a share. Hibbett delivered earnings of $1.09 a share with net income of $28.4 million versus last year's $1.00 a share on $26.2 million. Investors gave up on retail sports stocks after Dick's Sporting Goods disappointed, but Dick's blamed lower sales on gun and golf trends and said it would expand its footwear inventory. Foot Locker is benefiting from mall shoe store consolidation since shoppers have fewer place to buy casual and sport shoes.

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