Foot Locker, Inc. (NYSE:FL) stock was on the rise Friday following the release of its earnings report for the first quarter of 2018.
Foot Locker, Inc.’s earnings report for the first quarter of the year includes earnings per share of $1.45. This is an increase over its earnings per share of $1.36 from the same time last year. It was also great news for FL stock by beating out Wall Street’s earnings per share estimate of $1.25 for the period.
Net income reported by Foot Locker, Inc. for the first quarter of 2018 came in at $165 million. This is a drop from the company’s net income of $180 million that was reported in the first quarter of 2017.
When it comes to operating income for the first quarter of the year, Foot Locker, Inc. reported in at $224 million. This is down from the athletic wear retailer’s operating income of $268 million from the same period of the year prior.
Foot Locker, Inc. also reported revenue of $2.03 billion for the first quarter of 2018. This is better than its revenue of $2.00 billion that was reported in the first quarter of the previous year. It was also a boon to FL stock by coming in above analysts’ revenue estimate of $1.96 billion for the quarter.
“The team did an excellent job in managing our inventories and helping to clear slow moving product in a promotional environment, giving us the flexibility to flow in fresh and exciting product,” Lauren Peters, Executive Vice President and CFO at Foot Locker, Inc., said in a statement. “This disciplined approach positions our inventory to drive improved top and bottom line results over the balance of the year.”
FL stock was up 13% as of Friday morning.
As of this writing, William White did not hold a position in any of the aforementioned securities.