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Foot Locker Earnings: FL Stock Jumps 1% on Q2 Beats

Foot Locker (NYSE:FL) earnings for the athletic wear retailer’s second quarter of 2020 have FL stock up on Friday. That’s thanks to its adjusted earnings per share of 71 cents and revenue of $2.08 billion. These are both above Wall Street’s estimates of 57 cents per share and revenue of $2 billion.

The Foot Locker (FL) logo with a red hue

Source: Roman Tiraspolsky / Shutterstock.com

Here’s what else is worth noting from the Foot Locker earnings report.

  • Adjusted per-share earnings are up 7.6% from 66 cents during the same period of the year prior.
  • Revenue for the quarter comes in 17.1% higher than the $1.77 billion reported in the second quarter of 2019.
  • Operating income of $69 million is a 14.8% drop year-over-year from $81 million.
  • The Foot Locker earnings report also has net income coming in at $45 million.
  • That’s down 25% compared to the company’s net income of $60 million from the same time last year.

Richard Johnson, president and CEO of Foot Locker, said the following in the earnings report.

“Despite the challenging backdrop of the pandemic, and social unrest, we achieved strong second quarter results, led by our digital business, with a return to growth in both the top and bottom line. As our global fleet of stores reopened, our customers responded with enthusiasm and energy to our assortments and visited our stores with a high intent to purchase.”

Foot Locker isn’t providing guidance due to the novel coronavirus. However, the company is reinstating its quarterly dividend. It will pay a dividend of 15 cents per share on Oct. 30 to FL shareholders on record as of Oct. 16.

FL stock was up 1.3% as of Friday afternoon.

As of this writing, William White did not hold a position in any of the aforementioned securities.


Article printed from InvestorPlace Media, https://investorplace.com/2020/08/foot-locker-earnings-bump-fl-stock-higher/.

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