Foot Locker down 8% premarket after retailer misses with profit and sales
Foot Locker Inc.'s FL, -2.53% profit rose in the first quarter due to lower litigation costs pertaining to a pension-related matter and slightly lower expenses from the year earlier, though sales came in weaker than analysts had expected.
The sporting-goods retailer said net income was $172 million, or $1.52 a share, compared with $165 million, or $1.38 share, a year ago. The New York-based company reported adjusted earnings of $1.53 a share. Analysts polled by FactSet were expecting earnings of $1.61 a share. Revenue rose 2.6% to $2.08 billion from a year earlier, below analysts' estimates of $2.12 billion. Same-store sales rose 4.6%. Analysts had expected 5.6%.Comment
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