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Why Foot Locker Shares Are Trading Higher Today

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Why Foot Locker Shares Are Trading Higher Today

Foot Locker Inc (NYSE: FL) is trading higher Friday after the company announced better-than-expected second-quarter financial results.

Foot Locker reported quarterly earnings of $2.21 per share, which beat the estimate of $1 per share. The company reported quarterly revenue of $2.27 billion, which beat the estimate of $2.09 billion. 

Total sales increased by 9.5% year over year, while comparable-store sales increased by 6.9% year over year.

"This quarter reflects strong results in our women's and kids' footwear business along with broad demand for our apparel and accessories offerings, which combined with more limited promotional activity, led to the outstanding top and bottom line results," said Richard Johnson, chairman and CEO of Foot Locker. 

Foot Locker focuses on selling athletically inspired shoes and apparel across retail stores in the United States, Canada, Europe, Australia and New Zealand.

Price Action: Foot Locker has traded as high as $66.71 and as low as $26.90 over a 52-week period.

At last check Friday, the stock was up 8.03% at $58.75.

Photo by Mike Mozart from Flickr.

 

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