Foot Locker (NYSE:FL) stock was down on Friday despite the company reporting an earnings beat for the second quarter of 2018.
Foot Locker’s earnings report for the second quarter of the year includes earnings per share of 75 cents. This is an increase over its earnings per share of 62 cents from the same time last year. It also comes in well above Wall Street’s earnings per share estimate of 70 cents for the quarter, but wasn’t enough to save Foot Locker stock today.
Net income reported by Foot Locker in the second quarter of 2018 came in at $88 million. This is better than the footwear retail company’s net income of $51 million from the second quarter of 2017.
Foot Locker also reported operating income of $112 million in the second quarter of the year. This is up from its operating income of $72 million reported during the same time last year.
During the second quarter of 2018, Foot Locker reported revenue of $1.78 billion. This is an improvement over the company’s revenue of $1.70 billion that was reported in the second quarter of the previous year. It also beat out analysts’ revenue estimate of $1.76 billion for the period, but couldn’t keep Foot Locker stock from falling today.
It’s likely that Foot Locker stock is down today due to the company’s comparable stores sales growth for the second quarter of the year. The company’s comparable store sales growth during the period was only up by 0.5%. Richard Johnson, Chairman and CEO of Foot Locker, hopes to see this increase in the second half of 2018 thanks to improving product lines.
FL stock was down 12% as of noon Friday.
As of this writing, William White did not hold a position in any of the aforementioned securities.