Foot Locker (NYSE: FL) is up more than 14% premarket Friday after the company reported third-quarter earnings that beat profit and revenue consensus expectations.
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In addition, the apparel and footwear retailer also lifted its full-year guidance and reported a rise in comparable store sales.
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Foot Locker posted adjusted earnings of $1.27 per share on revenue of $2.17 billion. Analysts expected earnings per share of $1.14 on revenue of $2.1 billion.
Comparable-store sales increased 0.8% compared to last year, which Foot Locker said was driven by its strong demand, its brand diversification efforts, and “improved access to high-quality inventory.”
“Foot Locker’s solid third-quarter results in the midst of ongoing macroeconomic challenges are a testament to the strengths of this organization that I am honored to now be leading,” said Mary Dillon, President and Chief Executive Officer of Foot Locker. She added that the company’s customer base has “remained resilient” despite the ongoing macroeconomic challenges.
Looking ahead, Foot Locker raised its full-year expectations. It now sees adjusted earnings per share coming in between $4.42 and $4.50, up from previous guidance of $4.25 to $4.45. Meanwhile, it now expects total sales to decline between 4% and 5%, less than the previously guided sales decline of between 6% to 7%.
Foot Locker’s 14% gain premarket adds to its 5% rise in Thursday’s session. However, its shares are down around 24% in 2022.
