Foot Locker (NYSE:FL) acquired some momentum Friday morning after the release of its latest financial numbers.
The New York-based sporting goods reported second-quarter net income of$45 million, or $0.43 per share, compared to net income of $60 million, or $0.55 per share in the corresponding prior-year period.
Included in these results are the following pre-tax charges: 1) $19 million related to the wind down of the Runners Point banner and the Eastbay restructuring, 2) $18 million for costs incurred in connection with the recent social unrest, and 3) $1 million related to administrative costs for its previously disclosed pension matter.
Excluding these items, non-GAAP earnings were $0.71 per share for the second quarter of 2020, as compared to non-GAAP EPS of $0.66 for the same period in 2019.
Second-quarter comparable-store sales increased 18.6%. Total second quarter sales increased 17.1%, to $2,077 million, compared to sales of $1,774 million for the corresponding prior-year period. Excluding the effect of foreign exchange rate fluctuations, total sales for the second quarter of 2020 increased 17.3%.
Said CEO Richard Johnson, "I'm proud of the exceptional effort from our team this quarter. Despite the challenging backdrop of the pandemic, and social unrest, we achieved strong second quarter results, led by our digital business, with a return to growth in both the top and bottom line.
“As our global fleet of stores reopened, our customers responded with enthusiasm and energy to our assortments and visited our stores with a high intent to purchase."
FL shares put on their running shoes and sprinted 51 cents, or 1.9%, to $27.70.
