Foot Locker, Inc. (FL - Free Report) , the operator of athletic shoes and apparel retailer, came out with third-quarter fiscal 2016 results, wherein adjusted earnings of $1.13 per share beat the Zacks Consensus Estimate of $1.11, and jumped 13% year over year.
Earnings Estimate Revision: The Zacks Consensus Estimate for fiscal 2016 has been stable over the past 30 days. In the trailing four quarters (excluding the quarter under review), the company has outperformed the Zacks Consensus Estimate by an average of 3.1%.
Revenues: Foot Locker generated total sales of $1,886 million that increased 5.1% year over year but fell marginally short of the Zacks Consensus Estimate of $1,892 million. Comparable-store sales jumped 4.7% during the quarter. Excluding the impact of foreign currency fluctuations, total sales increased 5.5%.
Key Events: During the quarter under review, Foot Locker opened 21 new outlets, remodeled or relocated 40 outlets, and shuttered 28 outlets. As of Oct 29, 2016, the company operated 3,394 outlets. During the quarter, the company repurchased 1.15 million shares of worth $76.3 million.
Zacks Rank: Currently, Foot Locker carries a Zacks Rank #2 (Buy), which is subject to change following the earnings announcement. You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
Stock Movement: Foot Locker’s shares are down nearly 0.5% during pre-market trading hours following the earnings release.
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