Foot Locker reports 'most profitable quarter ever'

Foot Locker has "hit the ground running in 2015," according to CEO Richard Johnson, adding that the companyposted a better-than-expected 14% increase in profit in its first quarter as the sportswear retailer continues to benefit from sales growth.

"We have produced the most profitable quarter in our history," Johnson said. "We are focused on executing the updated strategic priorities that we described in our investor meeting in March, and the results in the first quarter demonstrate that we remain on the right track, with strong performances across our channels, geographies, banners, and categories. Our core business improved and we made progress on each of our growth pillars, a team accomplishment of which we are all very proud."

For the first quarter ended May 2, Foot Locker posted earnings of $184 million, or $1.29 a share, up from $162 million, or $1.10 a share, a year earlier. Sales increased 2.6% to $1.92 billion. Same store sales increased 7.8%.

"The team at Foot Locker continued to execute efficiently during the quarter, both operationally and financially," said Lauren Peters, EVP and CFO. "Driven by solid performance on the top line that flowed effectively to the bottom line, we delivered results which surpassed our guidance at the start of the year. We remain intent on improving the productivity of all of our assets as we strive to attain our recently elevated long-term goals."

During the first quarter, the company opened 37 new stores, remodeled or relocated 55 stores, and closed 41 stores. As of May 2, the company operated 3,419 stores in 23 countries in North America, Europe, Australia, and New Zealand. In addition, 55 franchised Foot Locker stores were operating in the Middle East and South Korea, as well as 27 franchised Runners Point and Sidestep stores in Germany and Switzerland.