Foot Locker (FL), Hibbett Sports (HIBB), Posts Strong Results

Foot Locker, Inc. (NYSE:FL), the New York-based specialty athletic retailer, today reported financial results for its third quarter ended October 29, 2011. Footlocker reported net income for the Company’s third quarter ended October 29, 2011 was $66 million, or $0.43 per share, compared with net income of $52 million, or $0.33 per share, last year. Third quarter sales increased 8.9%, to $1,394 million this year, compared with sales of $1,280 million for the corresponding prior-year period. Third quarter comparable-store sales increased 7.4%. Excluding the effect of foreign currency fluctuations, total sales for the third quarter increased 7.3%.

“I am pleased to report our seventh consecutive quarter of strong sales and profit growth,” said Ken Hicks, Chairman and Chief Executive Officer of Foot Locker, Inc. “We continue to diversify and strengthen many aspects of our business, including our product mix, our banner differentiation, and the integration of our distribution channels. We believe the ongoing focus of all our associates on these initiatives will continue to create shareholder value both in the short run and longer term.”

Hibbett Sports, Inc. (NASDAQ:HIBB), a sporting goods retailer, today announced results for the third quarter ended October 29, 2011. Hibbett reported net sales for the 13-week period ended October 29, 2011 increased 10.6% to $185.2 million compared with $167.4 million for the 13-week period ended October 30, 2010. Comparable store sales increased 7.0%. Net income for the 13-week period ended October 29, 2011 increased 26.8% to $16.0 million compared with $12.6 million for the 13-week period ended October 30, 2010. Earnings per diluted share increased 34.1% to $0.59 compared with $0.44 for the 13-week period ended October 30, 2010.

Jeff Rosenthal, President and Chief Executive Officer, stated, “We are pleased to report the eighth consecutive quarter of comparable store sales increases and a record third quarter operating margin. Strong footwear and apparel sales, improved inventory management, and operational excellence continue to drive our results. We look forward to the holiday season and have increased our full year Fiscal 2012 guidance.”

Shares of Foot Locker (NYSE:FL) were trading at 22.09, up 1.24% at 12:43 pm ET on Friday.

Shares of Hibbett Sports (NASDAQ:HIBB) were trading at 42.89, down 0.56% at 12:44 pm ET on Friday.

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Kyle Pinder has has over five years trading and research experience in the large cap space. While still in grad school, Kyle trades daily and keep Active Investor up to date with the latest breaking news coming out of Wall Street and Washington.
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