Foot Locker Earnings Were Out of This World. Its Stock Is Soaring.

A shopper carries a Foot Locker Inc. shopping bag in London, U.K

Hollie Adams/Bloomberg

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Foot Locker stock is jumping after the athletic-shoe retailer reported earnings that more than doubled expectations.

Foot Locker reported an adjusted profit of $2.21 a share, beating forecasts for $1 a share, on sales of $2.28 billion, topping expectations for $2.09 billion.

Our strong performance this quarter reflects the health of our category, the deep engagement we have with our customers, and the strategic nature of our relationships with our vendor partners,” CEO Richard Johnson said in the company’s earnings release. “This quarter reflects strong results in our women’s and kids’ footwear business along with broad demand for our apparel and accessories offerings, which combined with more limited promotional activity, led to the outstanding top and bottom line results.”  

Foot Locker stock is up 6.5% at $57.92 in premarket trading Friday. Its shares gained 35% this year through Thursday’s close, while the S&P 500 has risen 17% and the Dow Jones Industrial Average has advanced 14%.

Write to Ben Levisohn at ben.levisohn@barrons.com

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