Foot Locker gains as Q2 results beat expectations

Foot Locker rallied in pre-market trade after the specialty athletic retailer’s second-quarter results surpassed expectations.

In the six months ended 30 July, earnings rose to $127m or 94 cents a share, from $119m or 84 cents a share in the same period last year.

Meanwhile, revenue rose to $1.78bn from $1.70bn and same-store sales growth came in at 4.7%.

Analysts had been expecting earnings of 90 cents, revenue of $1.76bn and same-store sales growth of 3.8%.

Chairman and chief executive Richard Johnson said: “Within the second quarter, we drove comparable sales gains across basketball, running, and classic footwear, as well as apparel. We also posted gains in all regions and channels in which we operate, reflecting the success of our strategic initiatives to build our company to be an enduring retail leader with strengths across many dimensions.”

During the quarter, Foot Locker opened 23 new stores, remodelled or relocated 64 stores and closed 18.

Foot Locker shares were up 3.9% to $64.10 in pre-market trade.