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By Dhirendra Tripathi
Investing.com – Foot Locker (NYSE:FL) shares were up 2% in Friday’s premarket following a whopping year-on-year increase of 80.3% in its first quarter comparable-store sales.
The retailer benefited from more shoppers returning to its stores after a pandemic-hit year, with the absence of a detailed guidance for the full-year 2021 having little impact.
Executive Vice President and Chief Financial Officer Andrew Page pointed out strong demand for its new inventory allowed it to moderate promotional expenses, driving gross margin expansion.
The company reported net income of $202 million for the 13 weeks ended May 1, compared with a net loss of $110 million for the corresponding prior-year period.
Total sales rose 83.1% to $2.15 billion, topping the 2019 quarter’s $2.07 billion, reflecting a positive return of consumer spending. The full impact of the Covid-19 pandemic had not yet become apparent in the first quarter of 2020.