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Foot Locker Shares Continue Rally Amid Q2 Beat

Foot Locker, Inc. FL delivered higher-than-expected results for the second quarter sending the stock higher in the pre-market trading.

The company reported net income of $127 million, or $0.94 a share, higher than $119 million, or $0.84 a share, recorded in the year-ago quarter. Street analysts' expected $0.90 a share.

Similarly, Foot Locker total sales advanced 5.0 percent from $1.695 billion to $1.78 billion in the second quarter. Its comparable store sales witnessed 4.7 percent growth. The company claimed that its total sales would have grown 5.4 percent on constant currency basis. Analysts predicted revenue of $1.76 billion.

The company's chairman and CEO, Richard Johnson, said, "Within the second quarter, we drove comparable sales gains across basketball, running, and classic footwear, as well as apparel. We also posted gains in all regions and channels in which we operate, reflecting the success of our strategic initiatives to build our Company to be an enduring retail leader with strengths across many dimensions."

Following the news, shares of the company traded up by $2.42, or 3.92 percent, to $64.10.

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