Foot Locker, Inc. (NYSE: FL) saw its shares zoom Friday, as the New York-based specialty athletic retailer reported financial results for its third quarter ended October 29.
"Foot Locker's solid third quarter results in the midst of ongoing macroeconomic challenges are a testament to the strengths of this organization that I am honored to now be leading," said CEO Mary Dillon. "Despite the tough environment, our expanding customer base remained resilient, and I'm proud that our team delivered sales above our expectations, thanks to their exceptional execution."
Dillon continued, "I see tremendous opportunity to further leverage the power of our brand equity and our incredible field team to drive our growth in this exciting category."
The Company reported net income of $96 million, or $1.01 per share, for the 13 weeks ended October 29, 2022 , compared with $158 million , or $1.52 per share, for the corresponding prior-year period.
On a non-GAAP basis, the Company earned $1.27 per share, compared with non-GAAP earnings of $1.74 per share in the prior-year period. Please see the GAAP to non-GAAP reconciliation below.
Third quarter comparable-store sales increased by 0.8% against record sales levels last year, driven by strong demand, the Company's brand diversification efforts, and improved access to high-quality inventory. Total sales decreased by 0.7%, to $2,173 million, compared with sales of $2,189 million in the third quarter of 2021. Excluding the effect of foreign exchange rate fluctuations, total sales for the third quarter increased by 3.3%.
FL zoomed $5.42, or 16.4%, to $38.42.
