fell sharply Friday, though the sports shoe retailer announced third-quarter earnings and sales, beating analysts’ estimates, saying it was “positioned for the holiday season.”
Foot Locker (ticker: FL) earned an adjusted $ 1.93 per share for the quarter on sales of $ 2.19 billion. Same-store sales rose 2.2 percent.
Analysts surveyed by FactSet expected Foot Locker to report third-quarter earnings of 1.37 cents per share on a $ 2.15 billion sale. Same-store sales were expected to increase by 0.6 per cent.
The gross margin for the quarter grew to 34.7% from 30.9%.
Chief Financial Officer Andrew Page said in a statement that Foot Locker expects that “global supply chain constraints will continue throughout the fourth quarter.
“That said, we believe we are positioned for the holiday season with a positive momentum and inventory levels ready to meet customer demand.”
The stock fell 12.7% to $ 50.27 on Friday. Including the session’s losses, the shares in Foot Locker have risen 24.3% in 2021 compared to
‘s gain of 25%.
Write to Joe Woelfel at firstname.lastname@example.org