Footlocker Q3 revenue and profits beat expectations

Footwear retailer Foot Locker posted a solid set of third-quarter earnings on Friday, with both profits and revenues coming in ahead of expectations.

Foot Locker said quarterly profits came to $158.0m in the three months ended 30 October, of $1.52 on a per share basis, beating analysts' estimates for an EPS of $1.36.

Revenues of $2.19bn were up 3.9% and also ahead of Wall Street expectations for a print of $2.14bn, while third-quarter same-store sales increased 2.2%.

Chairman Richard Johnson said: "These impressive top and bottom-line results were against a robust back-to-school season from last year and in spite of the ongoing supply chain challenges.

Looking forward, while Foot Locker expects global supply chain constraints to persist throughout the fourth quarter, the firm also believes itself to be well positioned for the holiday season, with positive momentum and inventory levels ready to meet customer demand.

As of 1315 GMT, Foot Locker shares were up 3.54% in pre-market trading at $57.56 each.