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4-Traders Homepage  >  Equities  >  Nyse  >  Foot Locker    FL

FOOT LOCKER (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 CEST
   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 [email protected]

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

Stocks mentioned in the article
ChangeLast1st jan.
FOOT LOCKER 1.21% 56.71 Delayed Quote.19.52%
NIKE 0.62% 74.72 Delayed Quote.21.25%
UNDER ARMOUR 2.17% 23.11 Delayed Quote.60.85%
WOLVERINE WORLD WIDE, INC. -0.24% 36.66 Delayed Quote.15.21%
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Fire Sale
Financials ($)
Sales 2019 7 786 M
EBIT 2019 718 M
Net income 2019 513 M
Finance 2019 805 M
Yield 2019 2,33%
P/E ratio 2019 12,60
P/E ratio 2020 11,53
EV / Sales 2019 0,74x
EV / Sales 2020 0,70x
Capitalization 6 535 M
Chart FOOT LOCKER
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Foot Locker Technical Analysis Chart | FL | US3448491049 | 4-Traders
Technical analysis trends FOOT LOCKER
Short TermMid-TermLong Term
TrendsBullishBullishBullish
Income Statement Evolution
Consensus
Sell
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Mean consensus OUTPERFORM
Number of Analysts 22
Average target price 59,2 $
Spread / Average Target 5,7%
EPS Revisions
Managers
NameTitle
Richard A. Johnson Chairman, President & Chief Executive Officer
Lauren B. Peters Chief Financial Officer & Executive Vice President
Pawan Verma Chief Information & Customer Connectivity Officer
Cheryl Nido Turpin Independent Director
Dona Davis Young Lead Independent Director
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