Foot Locker Surpasses Financial Estimates | Financial Buzz

Foot Locker Surpasses Financial Estimates

Foot Locker Inc. (NYSE: FL) reported its fourth quarter financial results before market open on Friday. The chain shoe retailer crushed its estimates for the quarter, sending shares soaring by 13% during pre-market hours.

For the quarter, Foot Locker reported earnings of USD 1.56 per share on revenue of USD 2.27 Billion. FactSet analysts expected earnings of USD 1.40 per share on revenue of USD 2.18 Billion.

Sales year-over-year increased marginally for the Company. Foot Locker reported total sales growth of 2.7%, however the Company saw its comparable-store sales increase by 9.7%.

As for the full year, Foot Locker reported sales of USD 7.93 Billion, increasing by 2% year-over-year. Foot Locker’s total fiscal sales is the highest ever as an athletic business. Earnings per share increased from USD 3.99 the same quarter last year to USD 4.71.

During the fourth quarter, Foot Locker noted that it opened 11 new stores, remodeled or relocated 33, and closed 56 stores. As of early February, Foot Locker operated 3,221 stores in 27 countries spanning across the world.

“The fundamentals of our core business remain strong and led to meaningful improvement in our financial results, not only during the fourth quarter but throughout 2018,” said Richard Johnson, Chairman and Chief Executive Officer. “This positive performance was made possible by our team’s unrelenting focus on providing compelling assortments to our customers, launching exciting collaborations with our strategic partners, both long-standing and new, and making our stores and digital channels unique and exciting destinations.”

“Looking at 2019,” Johnson continued, “we believe that by maintaining our focus on bringing differentiated experiences to youth culture, we can continue to elevate our financial performance by generating a mid-single digit comparable sales gain and another double-digit percentage increase in earnings per share.”

Opt-into our eNewsletter NOW! For the Latest Trending Financial News Topics in Cannabis, Tech, Biotechs, Precious Metals, Energy, Renewable Energy and much more!