Foot Locker Inc. delivered strong top- and bottom-line growth in the third quarter with profit and same-store sales blew past expectations.
The athletic footwear and apparel retailer also reported that more than 10% of its global brick-and-mortar fleet is temporarily closed as a result of restrictions to deal with the new wave of COVID-19.
Foot Locker’s net income rose to $265 million, or $2.52 a share, in the quarter ended Oct. 31, from $125 million, or $1.16 a share, in the year-ago period. Excluding non-recurring items, such as a gain from a higher valuation for a minority investment, adjusted earnings per share grew to $1.21 from $1.13, beating analysts’ expectations of $0. 63.Chain Storeage