Stock Alert: Foot Locker Shares Hit 52-Week High

Shares of specialty athletic retailer Foot Locker Inc. (FL) reached a 52-week high of $42.00 today morning, and currently trading at $39.90, down $1.43 or 3.46% in the regular trading session Friday morning.

The company, today, reported upbeat results for the third quarter. The company’s gross margin rate decreased to 30.9% from 32.1% a year ago. Comparable-store sales increased by 7.7%. Given the ongoing uncertainty due to COVID-19, the company is not providing full-year 2020 guidance.

Third quarter adjusted net income was $128 million or $1.21 per share versus $122 million or $1.13 per share previous year. On average, 23 analysts polled by Thomson Reuters expected the company to report earnings per share of $0.62, for the quarter. Analysts’ estimates typically exclude certain special items.

Third quarter total sales increased 9% to $2.11 billion from $1.93 billion last year. Excluding the effect of foreign exchange rate fluctuations, total sales for the third quarter rose by 7.7%. Analysts expected revenue of $1.94 billion, for the quarter.

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