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Foot Locker starts the year on the right foot
Foot Locker is off to a great start in 2014. The specialty athletic retailer’s first quarter sales and profits were the highest in its history for the third consecutive year.
Net income for the quarter ended May 3 was $162 million, or $1.10 per share, compared with net income of $138 million, or $0.90 per share, last year. Total net sales increased 14%, to $1.9 billion this year, compared with sales of $1.6 billion for the corresponding prior-year period. Comparable-store sales increased 7.6%.
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New game consoles fuel GameStop’s profit in first quarter
Despite posting increases in the last few quarters, GameStop was seeing shares drop because its numbers were falling short of analysts’ expectations. But thanks to growth in its mobile business and demand for new game consoles, the company started the year with better-than-expected profit that drove shares to rise 5%.