Foot Locker Posts 3Q Profit

New York City Foot Locker Inc. said Thursday that it reversed a year-ago loss in the third quarter but it missed analysts' expectations as sales fell on a pullback in consumer spending.

The retailer said it earned $24 million in the quarter ending in October compared to a loss of $33 million in the same period last year.

Sales dropped 3.5% to $1.31 billion from $1.36 billion last year, the company said. Same-store sales, or sales at stores open at least a year, fell 1.7%.

Chairman and CEO Matthew D. Serra said the company is seeing effects of the economic slowdown, especially in September and October. But he said the slumps were offset by improvement in sales and earnings in Foot Locker's international business.