A double-digit comps increase propelled the athletic footwear chain’s 63% second quarter earnings surge.
Foot Locker on Friday said its sales for the second quarter period ended July 28 increased 7.2% to $1.37 billion and same store sales increased 10.6%, excluding the effect of foreign currency fluctuations. Net income increased 59% to $59 million from $37 million and earning per share increased 63% to 39 cents from 24 cents.
“We have achieved consistently strong financial and operational results since we began implementing our long-term plan over two years ago,” said Foot Locker chairman and CEO Ken Hicks. “This consistency was also evident with the good profitability we achieved this quarter across our divisions, from the North American stores, to Europe, and to our direct-to-customer business.”
Through the first half of the year, Foot Locker’s sales have increased 8% to nearly $3 billion and profits are up 43% to $187 million, or $1.21 a share. Excluding the effect of foreign currency fluctuations, total sales so far this year would have increased 10.1%.
Foot Locker opened 47 new stores, remodeled and relocated 109 others and closed 62 stores to end the second quarter with a total of 3,354 stores in 23 countries throughout North America, Europe, Australia, and New Zealand. An additional 37 stores operated by franchisees are located in the Middle East and South Korea.