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Home / Business / Foot Locker shares soared on the back of unexpected second-quarter profit prospects and sales surge

Foot Locker shares soared on the back of unexpected second-quarter profit prospects and sales surge



Shares of Foot Locker Inc. FL,
+ 1.92%
up 16% in pre-market transactions on Monday, after the shoe and sporting equipment retailer said it expected to report surprise profits in the second fiscal quarter, due to the reopening of The store helped skyrocket sales. The company expects net earnings per share to be 38 cents to 42 cents, down from 55 cents a year ago. Excluding non-repeat items, the company expects to report EPS corrected from 66 cents to 70 cents, while the FactSet consensus is a loss per share of 60 cents. The company said its same-store sales for the quarter were up about 1

8 percent, compared with the FactSet consensus of down 23.6 percent. CEO Richard Johnson said: “As we continue to reopen stores throughout the quarter, we have seen a strong customer response to our merchandise, which we believe. that was supported by repressed demand and the impact of fiscal stimulus ”. “This drives our in-store sales and also drives continued momentum across our digital channels.” Shares are down 29.5% since Friday, while the S&P 500 SPX,
+ 0.06%
has increased by 3.7%.


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