Foot Locker Reports 6.9% Rise In Comparable Sales In Q3

Foot Locker, Inc. (NYSE: FL) reported its third-quarter results on Friday before market open. The retailer earned $0.83 per share, beating the consensus estimate of $0.79. Revenue of $1.73 billion topped the $1.72 billion analysts were expecting.

Net income for the quarter rose to $120 million from $104 million in the same quarter a year ago as comparable-store sales increased 6.9 percent.

Foot Locker's gross margin rate increased to 33.2 percent of sales from 33.1 percent a year while selling, general and administrative expenses improved to 20.4 percent of sales from 21.0 percent a year ago.

During the quarter, the company opened 35 new stores, remodeled or relocated 67 stores and closed 21 stores, bringing its total store count to 3,474 stores globally.

The company ended the quarter with $916 million in cash and cash equivalents while the debt on its balance sheet totaled $135 million.

During the quarter, the company bought back 683,000 shares, totaling $38 million, bringing its total 2014 year-to-date repurchase activity to 3.55 million shares, or $174 million.

Shares were up almost 3 percent at $58.66 in the premarket.