Foot Locker Inc. (NYSE: FL) released its fourth-quarter financial results before the markets opened on Friday. The company said that it had $1.56 in earnings per share (EPS) and $2.27 billion in revenue, while the consensus estimates had called for $1.40 in EPS on revenue of $2.19 billion. In the same period of last year, the shoe retailer said it had EPS of $1.26 and $2.21 billion in revenue.
During the most recent quarter, the company opened 11 new stores, remodeled or relocated 33 stores and closed 56 stores. As of February 2, 2019, the Company operated 3,221 stores.
Total sales for the firm increased 2.8% in the quarter, while comparable store sales increased a whopping 9.7%. Excluding the effect of foreign exchange rate fluctuations, total sales for the fourth quarter increased 4.2%.
Looking ahead, management believes that it can continue to elevate its financial performance by generating a mid-single-digit comparable sales gain and another double-digit percentage increase in earnings per share. Consensus estimates call for $4.95 in EPS and $8.03 billion in revenue for the full fiscal year.
Richard Johnson, board chair and chief executive, commented:
The fundamentals of our core business remain strong and led to meaningful improvement in our financial results, not only during the fourth quarter but throughout 2018. This positive performance was made possible by our team’s unrelenting focus on providing compelling assortments to our customers, launching exciting collaborations with our strategic partners, both long-standing and new, and making our stores and digital channels unique and exciting destinations.
Shares of Foot Locker traded up 10% early Friday, at $59.52 in a 52-week range of $38.17 to $61.36. The consensus price target is $62.30.
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