Foot Locker Q3 comparable store sales rise 4.7 percent

Foot Locker’s net income for the third quarter ended October 29, 2016 was 157 million dollars or 1.17 dollars per share, compared with net income of 80 million dollars or 0.57 dollar per share in the same period of 2015. Comparable-store sales increased 4.7 percent and total sales increased 5.1 percent to 1,886 million dollars. Excluding the effect of foreign currency fluctuations, total sales increased 5.5 percent.

“Our outstanding track record of meaningful sales and profit growth over several years is a strong testament to Foot Locker’s solid position at the center of sneaker culture,” said Richard Johnson, Chairman of the board and CEO in a company release.

Net income for nine month period increases

Net income for the company’s first nine months of the year increased to 475 million dollars or 3.50 dollars per share, compared to net income of 383 million dollars or 2.71 dollars per share, for the corresponding period in 2015. Excluding the tax effect of the intellectual property reassessment and the impairment charge noted above, earnings per share totalled 3.46 dollars, a 10 percent increase over the same period last year.

Year-to-date sales were 5,653 million dollars, an increase of 4.6 percent compared to sales of 5,405 million dollars in the corresponding nine-month period of 2015. Year-to-date comparable store sales increased 4 percent. Excluding the effect of foreign currency fluctuations, total sales increased 4.9 percent.

During the third quarter, the company opened 21 new stores, remodelled or relocated 40 stores, and closed 28 stores. As of October 29, 2016, the company operated 3,394 stores in 23 countries in North America, Europe, Australia, and New Zealand. In addition, 56 franchised Foot Locker stores were operating in the Middle East and South Korea, as well as 15 franchised Runners Point stores in Germany.

Picture:Facebook/Foot Locker