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Foot Locker net income flags in Q3, but still beats Street
New York – Foot Locker’s net income fell 2% in the third quarter, dropping to $104 million from $106 million.
Total revenue grew 6.4% to $1.62 million from $1.52 million, above estimates. Same-store sales increased 4.1%.
Cost of sales and income tax expense both increased during the quarter, affecting net income. During the third quarter, the company opened 28 new stores, remodeled or relocated 118 stores, and closed 13 stores.
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Study: Immediate gratification, sensory experience fuels brick-and-mortar shopping
Columbus, Ohio -- Despite the growing popularity of online shopping, millions of consumers will flock to the stores this Black Friday. According to a recent study from WD Partners, "Amazon Can't Do That: Consumer Desire & the Store of the Future,” 79% of consumers rank instant ownership as a top factor in influencing how they shop.
Other store-friendly top influencers include sensory experience and product immersion (75%), emotional experience of interacting with live human beings, community, and personal service.
