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.



"It took a strong team effort to produce the solid top and bottom line results that we are reporting this morning," said Ken C. Hicks, chairman of the board and CEO. "We have many strategies underway to drive our business, and the advances we have achieved are contributing to the current momentum we have towards reaching our long-range operational and financial goals.