Shares of Foot Locker Inc. FL,
rose 16% in premarket trading Monday, after the athletic shoe and retailer said it expects to report a surprising fiscal gain in the second quarter as the reopening of stores helped a surprising jump in sales. The company expects net earnings per share from 38 cents to 42 cents, down from 55 cents a year ago. Excluding non-recurring items, the company expects adjusted EPS to report from 66 cents to 70 cents, while the FactSet consensus was for a loss per share of 60 cents. The company said same-store sales for the quarter rose about 18%, compared to FactSet’s ConsS for a 23.6% decline. “As we continued to open stores throughout the quarter, we saw a strong customer response to our ranges, which we believe was helped by lifting demand and the effect of fiscal incentives,” said Chief Executive Richard Johnson. “This fueled our in-store sales and also boosted ongoing momentum across our digital channels.” The stock has fallen 29.5% year to date until Friday, while the S&P 500 SPX,
has received 3.7%.
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