Foot Locker Shares Climb 2.7% After Profit, Sales Beat Estimates

Foot Locker Inc. shares surged almost 3% in premarket trade Friday, after the sports retailer beat third-quarter profit and sales estimates. The company said it had net income of $120 million, or 82 cents a share, in the quarter, up from $104 million, or 70 cents a share in the year-earlier period. On a non-GAAP basis, per-share earnings were 83 cents, topping the FactSet consensus of 79 cents. Sales climbed to $1.73 billion from $1.62 billion, ahead of the $1.72 billion consensus. Chief Executive Ken Hicks said the company is making progress on financial targets, including net income margin, sales per gross square foot and return on invested capital. Shares have gained about 38% in the year so far, while the S&P 500 is up about 11%.