Foot Locker posts earnings of $125 million in Q3, down 3.8%

U.S.-based sports and footwear retailer Foot Locker achieved $125 million in earnings in the third quarter ended November 2, 2019, a 3.8% decrease when compared to the $130 million reported by the company in the prior-year period. 

"We are pleased with our performance in the quarter, which reflects the success of our strategic focus on building even deeper connections with our customers and further strengthening relationships with our vendors," commented Foot Locker Chairman and CEO Richard Johnson in a release.

The New York-based company's quarterly net sales rose 3.9% (5.1% in constant currencies) to $1.93 billion, up from $1.86 billion in the same period in the previous year. Comparable-store sales increased 5.7%.

In terms of expenses, the company's cost of sales increased 3.1% to $1.31 million, while selling, general and administrative expenses increased around 3.3% to $411 million.

In the first nine months of fiscal 2019, Foot Locker achieved net earnings of $357 million, down 6.8% from the $383 million posed by the company in the same period in 2018. Sales rose 2% to $5.78 billion during the period, up from $5.67 billion.