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Foot Locker Q3 profit surges 61% on strong sales
New York -- Foot Locker Inc. reported Friday that net income for the quarter ended Oct. 27 surged 61% to $106 million, compared with $66 million in the year-ago period. The recent quarter's results, which surpassed Wall Street expectations, included a $9 million tax benefit stemming from the settlement of a foreign tax audit.
Revenue rose 9.3% to $1.52 billion from $1.39 billion, beating analysts’ expected $1.47 billion in revenue. Same-store sales climbed 10.2%. -
GameStop to close 200 stores
New York -- GameStop plans to close 200 stores by next year, Bloomberg reported.
The closings were announced on a conference call, shortly after the chain reported better-than expected third-quarter results, excluding an impairment charge.
For the third quarter ended Oct. 27, GameStop posted a net loss of $624.3 million after impairment and goodwill costs of $678.8 million, mostly tied to international operations. That’s compared with net income of $53.9 million a year earlier.