US: Foot Locker Q3 profit increases after sales gain
- Q3 profit increased 61% to $106m
- Sales rose 9.3% to $1.52bn
- Comparable store sales up 10.2%
Sportswear retailer Foot Locker has seen its third-quarter net profit jump 61% on the back of double-digit same-store sales gains.
Net income reached US$106m or $0.69 per share during the quarter ended 27 October, compared to $66m or $0.43 per share last year.
Sales rose 9.3% to $1.52bn, while comparable store sales increased 10.2%. Excluding the effect of foreign currency fluctuations, total sales jumped 11%.
"Our team put together another outstanding quarter, delivering a double digit sales gain and controlling expenses to drive our bottom line earnings to new heights," said chairman and CEO Ken Hicks.
"Inventory turns are improving; sales per square foot are increasing; and by investing in our people and giving them the best tools to succeed with the customer, our associates are becoming even more productive, too."
Year-to-date profit jumped 48.7% to $293m, while sales were up 8.4%, to $4.47bn and comparable store sales rose 9.9%.
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