Foot Locker, Inc. (NYSE:FL) the New York-based specialty athletic retailer, reported today financial results for its third quarter.
Net income checked in at $125 million, or $1.16 per share, compared to net income of $130 million, or $1.14 per share, in the corresponding prior-year period. This figure included a $4-million gain in connection with the acquisition of a Canadian distribution center lease and related assets and a $1-million charge recorded in connection with the Company's pension matter.
Excluding these items, non-GAAP earnings were $1.13 per share and $0.95 per share for the third quarter of 2019 and 2018, respectively.
Third-quarter comparable-store sales increased 5.7%. Total third-quarter sales increased 3.9%, to $1,932 million, compared to sales of $1,860 million for the corresponding prior-year period.
FL’s gross margin rate increased to 32.1% from 31.6% a year ago, while the selling, general, and administrative expense rate improved to 21.3% of sales from 21.4% a year ago.
Said CEO Richard Johnson, "We are pleased with our performance in the quarter, which reflects the success of our strategic focus on building even deeper connections with our customers and further strengthening relationships with our vendors.
"We are making great strides in implementing our four strategic imperatives, which are designed to ensure we are best positioned to compete in the retail marketplace by inspiring and empowering youth culture while also strengthening our bottom line and driving value for our shareholders."
Shares in FL began Friday morning lower by 91 cents, or 2.1%, to $41.46
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