Foot Locker earnings (NYSE:FL) came in well ahead of what analysts were calling for during the company’s most recent quarter of the fiscal year, sending FL stock skyrocketing more than 10% after the bell Tuesday.
The footwear company said that for its third quarter of fiscal 2018, it brought in net income of $130 million, or $1.14 per share. The figure was an improvement over the company’s earnings of its third quarter of fiscal 2017, when it amassed net income of $102 million, or 81 cents per share.
On an adjusted basis when considering changes to the U.S. tax code and litigation, Foot Locker said its earnings came in at 95 cents per share. The figure was stronger than the 92 cents per share that analysts were projecting the company to bring in, according to data compiled by FactSet.
The company added that its revenue tallied up to $1.86 billion from the $1.87 billion it raked in during the year-ago quarter. The Wall Street consensus estimate was calling for Foot Locker to bring in sales of $1.85 billion, according to FactSet.
For its fourth quarter of fiscal 2018, analysts are calling for the company to bring in adjusted earnings of $1.35 per share and revenue of $2.14 billion.
FL stock is surging about 11.7% after the bell on Tuesday as the footwear store operator impressed in its quarterly earnings showing. Shares had been sliding more than 5.5% in anticipation of the company’s quarterly report.
