(Boursier.com) — Foot Locker, the American distribution group specializing in sports, jumped 14% before the stock market on Wall Street. The footwear, accessories and sportswear retailer reported better-than-expected third-quarter earnings, an unexpected increase in same-store sales and higher full-year guidance, citing “strong” demand from share of “resilient” customers. Net income for the quarter ended Oct. 29 was $96 million, or $1.01 per share, from $158 million a year ago. Excluding one-time items, adjusted earnings per share were $1.27, versus FactSet consensus of $1.11. Consolidated sales fell 0.7% to $2.17 billion from a consensus of $2.09 billion, while same-store sales rose 0.8%. Merchandise inventories rose 29% to $1.69 billion, compared with a 52% increase in the second quarter. For fiscal 2022, the company raised its adjusted EPS guidance range to between $4.42 and $4.50. Sales are expected to fall by 4 to 5%, against a decline of 6 to 7% previously estimated. Like-for-like sales are expected to decline by 4 to 5%.
©2022 Boursier.com