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4-Traders Homepage  >  Equities  >  Nyse  >  Foot Locker, Inc.    FL

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Foot Locker's Third-Quarter Net Up 61% on Same-Store Sales

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11/16/2012 | 01:54pm CET
   By Saabira Chaudhuri and Ben Fox Rubin 
 

Foot Locker Inc.'s (>> Foot Locker, Inc.) third-quarter profit jumped a better-than-expected 61% as the athletic apparel and footwear chain's same-store sales gave results a boost.

Observers have long touted a strong athletic footwear and apparel cycle, which has entered its third year and typically lasts between three to five years. The Olympics this year have helped drive interest in new technologies and fashionable gear worn by top international athletes.

Foot Locker has now logged 11 straight quarters of year-over-year sales and earnings growth as new products from Nike Inc. (>> NIKE, Inc.), Under Armour Inc. (>> Under Armour Inc) and other apparel and footwear makers continue to power demand in the running, basketball and lifestyle categories. New styles, colors and materials are being used in athletic gear, which helps drive consumers to the retail chains that sell those wares.

But concerns about how economic malaise has hurt European sales have weighed on retailers expanding or with heavy exposure in the region. Shoe maker Wolverine World Wide Inc. (>> Wolverine World Wide, Inc.) last month said its third-quarter earnings sank 19% as it continued to see Europe's lagging economy weigh down results.

For the quarter ended Oct. 27, Foot Locker posted a profit of $106 million, or 69 a share, compared with $66 million, or 43 cents a share, a year earlier. Excluding a tax benefit, earnings were 63 cents a share in the latest period.

Revenue rose 9.3% to $1.52 billion, or 11% excluding the impact of currency fluctuations.

Analysts polled by Thomson Reuters expected per-share earnings of 54 cents on $1.47 billion in revenue.

Gross margin widened to 33.1% from 32.5%.

Same-store sales increased 10%, while inventory rose 3% from last year.

Shares closed Thursday at $31.85 and were inactive premarket. The stock is up 34% so far this year.

Write to Saabira Chaudhuri at saabira.chaudhuri@dowjones.com

Subscribe to WSJ: http://online.wsj.com?mod=djnwires

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Financials ($)
Sales 2017 7 772 M
EBIT 2017 1 001 M
Net income 2017 646 M
Finance 2017 451 M
Yield 2017 1,45%
P/E ratio 2017 15,53
P/E ratio 2018 14,11
EV / Sales 2017 1,21x
EV / Sales 2018 1,15x
Capitalization 9 891 M
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Mean consensus OUTPERFORM
Number of Analysts 24
Average target price 77,7 $
Spread / Average Target 4,6%
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NameTitle
Richard A. Johnson Chairman, President & Chief Executive Officer
Lauren B. Peters Chief Financial Officer & Executive Vice President
Pawan Verma Chief Information Officer & Senior Vice President
Jarobin Gilbert Independent Director
Cheryl Nido Turpin Independent Director
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