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Article Date: November 2020
Word Count: 706

Foot Locker Comps Stay Strong in Q3 as Earnings Jump


Net income more than doubled to $265 million from $125 million in the key third quarter ended Oct. 31 as sales jumped 9% to $2,106 million from $1,932 million on a surprisingly strong 7.7% comp following a stimulus-propelled 18.6% comp in the second quarter. A major part of the bottom line was a $190 million non-cash gain on its minority investment in GOAT, partially offset by some charges to close Runners Point and some pandemic costs, but excluding one-time events, net income was still up 5% to $128 million against $122 million.

 

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