Foot Locker stock (FL) is up after its fiscal first-quarter profit rose 17% — easily beating Wall Street estimates.
Sales were up 14% to $1.87 billion.
Thomson Reuters analysts predicted earnings of $1.06 a share and revenue at $1.79 billion.
Foot Locker stock is up 2.2% at this point in early morning trading.
“We are off to a great start in 2014, with our first-quarter results representing the highest quarterly sales and profits in our history as an athletic company–for the third consecutive year,” CEO Ken C. Hicks said in a statement.
There was other good news for Foot Locker stock.
Same-store sales increased 7.6% as well.
The winter and spring seasons were not particularly kind to retailers but Foot Locker has seemingly bucked that trend — which other sports stores saw as well.
Via Fox Business:
Sales at Foot Locker and smaller rival Finish Line (FINL) have been lifted by strong demand for sneakers and sports apparel, fueled by new offerings from apparel makers like Nike (NKE). Foot Locker also acquired Runners Point Group, a specialty athletic store and online retailer based in Germany, for $254 million last year.
In the period ended May 3, Foot Locker’s same-store sales increased 7.6%, bucking a downward trend in the retail industry. Many retailers have said severe winter weather hampered results for the first three months of the year.
FL is up 18% year to date.