Foot Locker, Inc. Stock Surges on Better-Than-Expected Earnings
Foot Locker, Inc. (NYSE:FL) stock was flying high today following an earnings beat for the third quarter of 2017.
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Foot Locker, Inc. reported earnings per share of 87 cents in the third quarter of the year. This is down from its earnings per share of $1.13 that was reported in the same period of the year prior. However, it was still a blessing to FL stock by beating out Wall Street’s earnings per share estimate of 80 cents for the quarter.
During the third quarter of 2017, Foot Locker, Inc. reported revenue of $1.87 billion. The shoe store reported revenue of $1.89 billion in the third quarter of the previous year. Analysts were expecting FL to report revenue of $1.83 billion for the third quarter of the year.
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Operating income reported by Foot Locker, Inc. in the third quarter of 2017 was $168 million. This is a decrease from its operating income of $234 million reported in the same time last year.
Foot Locker, Inc.’s net income for the third quarter of the year was $102 million. This is a drop from its net income of $157 million reported in the same quarter of 2016.
“Despite the highly promotional environment we still see in the marketplace, the availability of premium product is gradually improving compared to the first half of the year, and we believe we can achieve, and perhaps modestly exceed, the top- and bottom-line guidance we gave for the fourth quarter back in August,” Richard Johnson, CEO of Foot Locker, Inc., said in a statement.
FL stock was up 22% as of Friday morning, but is down 43% year-to-date.
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As of this writing, William White did not hold a position in any of the aforementioned securities.
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