Reuters
Aug 29, 2011
Footlocker Q2 beats Wall Street
Reuters
Aug 29, 2011
Athletic footwear retailer Foot Locker Inc's (FL.N) quarterly results sprinted past market expectations, helped by continued demand for its running shoes and improved gross margins.
Foot Locker shares rose 5 percent in after-market trading.
Net income for the quarter rose to $37 million, or 24 cents a share, compared with $6 million, or 4 cents a share, in the year ago period.
The shoe retailer, which sells branded shoes of Nike (NKE.N), Reebok and Adidas (ADSGn.DE), said second-quarter sales rose 16 percent to $1.28 billion.
Analysts on average had expected the company to earn 12 cents a share, on revenue of $1.18 billion, according to Thomson Reuters I/B/E/S.
Shares of the New York-based company closed at $17.56 on Thursday on the New York Stock Exchange.
(Reporting by Arpita Mukherjee in Bangalore; Editing by Gopakumar Warrier)
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