Foot Locker Beats Profit And Sales Estimates

By Ciara LinnaneMarketWatch Pulse

Sporting goods retailer Foot Locker said Friday it had net income of $80 million, or 57 cents a share, in the third quarter, compared with $120 million, or 82 cents a share, in the year-earlier period. Excluding a $100 million pretax litigation charge relating to a lawsuit involving the company's conversion of its pension plan in 1996, EPS came to $1.00, beating the FactSet consensus of 95 cents. Sales rose 3.6% to $1.79 billion, slightly ahead of the FactSet consensus of $1.78 billion. Same-store sales rose 8.7% in the quarter, beating the FactSet consensus for a rise of 6.3%. Shares were slightly lower in premarket trade, but are up 12.5% in the year to date, while the S&P 500 has gained 1.1%.

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