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SBD/August 20, 2012/FinancePrint All
Foot Locker reported “a 59% rise in second-quarter profit, as new colors and materials used in the latest athletic gear stimulated demand,” according to John Kell of the WALL STREET JOURNAL. The company's share price “is up 47% this year after gaining 1.7% Friday to $35.09, a level last attained in early 1991.” Foot Locker has logged “10 consecutive quarters of year-over-year sales and earnings growth as new products from Nike Inc., Under Armour Inc. and other apparel and footwear makers continue to power demand in the running, basketball and lifestyle categories.” Foot Locker Exec VP & CFO Lauren Peters said that apparel sales “at domestic outlets open at least a year jumped 20%, helped by strong demand for Jordan apparel that was tied to shoe launches and graphic T-shirts.” Foot Locker's latest results “were driven by apparel, which had the strongest performance by category, followed by solid growth for children's footwear.” Men's basketball footwear “also performed well, as consumers took to several Jordan retro offerings.” Overall, domestic same-store sales “surged 9.8%, with flat results at Lady Foot Locker the exception to strong growth” (WALL STREET JOURNAL, 8/18). At press time, shares of Foot Locker were trading at $34.42, down 1.9% from Friday's close of $35.09 (THE DAILY).