Source: shutterstock.com/philip openshaw
Foot Locker (NYSE:FL) stock is running higher on Friday following the release of its earnings report for the third quarter of 2022.
That earnings report starts out positive with the company bringing in adjusted EPS of $1.27. That comes in above the $1.11 per share that Wall Street had expected. However, it is down from the $1.93 per share reported in the same period of the year prior.
To go along with that, Foot Locker also reported revenue of $2.17 billion for the quarter. That’s another beat compared to analysts’ revenue estimate of $2.09 billion, even if it is a slight drop from the $2.19 billion reported in Q3 2021.
Mary Dillon, President and CEO of Foot Locker, said the following in the earnings report:
“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 […] 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.”
FL’s Outlook Doesn’t Disappoint
This athletic wear company also provided a guidance update for 2022. Foot Locker now expects adjusted EPS ranging from $4.42 to $4.50 for the full year. Its prior guidance was for adjusted EPS between $4.25 and $4.45 per share. That new guidance has the company easily beating Wall Street’s estimate of $4.25 per share.
Foot Locker is also expecting revenue for the full year of 2022 to decrease between 4% and 5% compared to 2021. That’s an improvement over its prior outlook, which had revenue declining 6% to 7%.
FL stock is up 16.7% in pre-market trading on Friday.
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On the date of publication, William White did not hold (either directly or indirectly) any positions in the securities mentioned in this article. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines.
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