Before the bell on Friday, Foot Locker (FL
FL Earnings in Brief
-Foot Locker posted quarterly revenue of $1.622 billion, up from last year’s Q3 revenue figure of $1.524 billion.
-GAAP net income for the quarter came in at $104 million, or 70 cents per share, down from last year’s Q3 net income of $106 million, or 69 cents per share.
-On a non-GAAP basis, EPS came in at 68 cents, up from 63 cents last year.
-Comparable sales for the third quarter were up 4.1%.
-The company’s results came in above analysts’ estimates of 66 cents EPS and $1.58 billion in revenue.
CEO Commentary
Ken C. Hicks, FL’s chairman of the board and CEO, had the following to say about the company’s quarterly earnings: “We have many strategies underway to drive our business, and the advances we have achieved are contributing to the current momentum we have towards reaching our long-range operational and financial goals.Most exciting for me, however, is that while we still have much progress to make on our existing initiatives, the team at Foot Locker, Inc. is continuing to identify new opportunities and develop ideas further in order to leverage our strengths and build an even stronger business. Some of these ideas deliver immediate impact, some will help improve results in the next several quarters, and yet others have the potential to drive our performance over the longer term.”
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No Mention of Dividend
Foot Locker did not announce any changes to its dividend in its quarterly report, which was expected as the company raised its quarterly dividend in April of this year. We anticipate that Foot Locker will announce another raise to its dividend, which will be announced in February or March.
Stock Performance
Foot Locker shares were up $1.04, or 2.83%, in pre-market trading this morning. YTD, the company’s stock is up 16.33%.
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