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Foot Locker Q3 net income $80m

Staff writer ▼ | November 21, 2015
Foot Locker reported financial results for its third quarter ended October 31, 2015. Net income was $80 million, or $0.57 per share.
Foot Locker
Foot Locker   $0.57 per share
This result included a $100 million pre-tax litigation charge that relates to the previously disclosed trial court decision in a lawsuit involving the company’s conversion of its pension plan in 1996, a decision which is currently being appealed.

Excluding this charge, which reduced after-tax earnings by 43 cents per share, non-GAAP earnings were $1.00 per share, a 20 percent increase over the 83 cents per share the company earned in the same period last year on a comparable basis.

Third quarter comparable-store sales increased 8.7 percent. Total sales increased 3.6 percent, to $1,794 million this year, compared with sales of $1,731 million for the corresponding prior-year period.

Excluding the effect of foreign currency fluctuations, total sales for the third quarter increased 8.9 percent.

The company’s gross margin rate improved to 33.8 percent of sales from 33.2 percent a year ago, while the selling, general, and administrative expense rate improved to 19.6 percent of sales from 20.4 percent.