Foot Locker, Inc. (NYSE:FL) posted solid performance during the second quarter of the year, with $59 million net income, or 39 cents per share, compared with its $37 million or 24 cents per share net income in 2011. The result is higher than the 33 cents per share average analysts estimate.
The company’s net income for the first six months of 2012 rose by 43 percent to $187 million, or $1.21 per share, compared with its $131 million, or 84 cents per share net income during the first half of the year in 2011
The New York-based specialty athletic retailer, which sells popular footwear brands such as Nike, Inc. (NYSE:NKE) and Adidas (ETR:ADS), reported a 7.2 percent second quarter sales increase from $1.28 billion during the same period last year, to $1.37 billion this year. Footlocker also sells sports accessories and apparel.
Its second quarter comparable-store sales climb by 9.8 percent. The total sales of the company increased by 10.6 percent during the period, excluding effects of foreign currency fluctuations.
Foot Locker, Inc. (NYSE:FL) posted $2.9 billion year-to-date sales, an 8 percent increase compared with its $2.7 billion result last year.
In a statement Ken Hicks, chairman and chief executive officer of the company, said, “I’m very proud of the entire Foot Locker, Inc. team. We have achieved consistently strong financial and operational results since we began implementing our long-term plan over two years ago. 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.”
Based on the financial statement of the company, its merchandise inventory is worth $1.23 billion by the end of the second quarter. Footlocker also bough back approximately 1.2 million shares of its common stock, worth $37.5 million, under its $400 million repurchase program.
For the past eight consecutive quarters, Foot Locker, Inc. (NYSE:FL) has beat analyst estimates. The company’s stock value increased for the past 52 weeks by 45 percent. As of 2:42 PM of August 17, Footlocker shares are trading at $35.23 per share, up by 2.14 percent at the New York Stock Exchange.
Footlocker has 3,354 stores in North America, Europe, Australia, and New Zealand, plus 37 franchised stores in the Middle East and South Korea.