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Foot Locker stock jumps after earnings, same store sales beat
Foot Locker (FL) shares leapt Friday after the specialty athletic retailer company reported fourth-quarter earnings and same-store sales that beat expectations.
Shares closed over 9 percent, nearing a record percentage jump set on Aug. 19, 2016, when Foot Locker shares gained 11.04 percent after earnings. The retailer has also more than tripled its 30-day average volume of 1.7 million shares, with more than 9.1 million shares changing hands on Friday.
The New York-based company posted adjusted quarterly earnings of $1.37 per share on revenue of $2.11 billion, up 5.3 percent year-over-year from $2.01 billion. This topped the earnings estimate of $1.32 per share, according to a consensus estimate of analysts by Thomson Reuters, while revenue matched expectations.
Comparable-store sales were also up 5 percent for the quarter ended Jan. 28, beating estimates for a 4.6 percent rise.
"Although we currently face a softer sales environment than at this time last year, we are planning for a mid-single digit comparable sales gain and a double-digit earnings per share increase for the full year of 2017," Lauren Peters, executive vice president and CFO, said in a release.
Foot Locker runs 3,363 stores in 23 countries as of Jan. 28. In the fourth-quarter, the company opened 20 new stores, but also closed 51 stores.
Foot Locker shares 5-day performance
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