Footwear retailer, Foot Locker, Inc.(FL) reported higher profits, beating analysts exceptions Friday.
The New York, NY based company reported third quarter profit of $106 million, or 69 cents per share, up 38% from $66 million, or 43 cents per share last year. Excluding special items, earnings were 63 cents for the quarter, beating analysts estimates of 54 cents.
Revenue was reported at $1.52 billion, up 9.3% from last years revenue of $1.39 billion, and beating analysts estimates of $1.47 billion.
The company reported that they are seeing increased sales in their stores of 10.2%.
CEO Ken Hicks commented, “our team put together another outstanding quarter, delivering a double digit sales gain and controlling expenses to drive our bottom line earnings to new heights…Inventory turns are improving; sales per square foot are increasing; and by investing in our people and giving them the best tools to succeed with the customer, our associates are becoming even more productive, too.”
Foot Locker shares were up $1.75, or 5.49% during premarket trading Friday.
The Bottom Line
Shares of Foot Locker (FL) have a 2.26% dividend yield, based on last night’s closing stock price of $31.85. The stock has technical support in the $28-$30 price area. If the shares can firm up, we see overhead resistance around the $34-$35 price levels.
Foot Locker, Inc.(FL)is not recommended at this time, holding a Dividend.com DARS™ Rating of 3.4 out of 5 stars.