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Foot Locker Reports Record Income in Q1 Results

Foot Locker has reported its earnings for the first quarter of 2016, and the results show bullish growth at the footwear retailer.

Foot Locker reported net income of $191 million – an all-time high for the company – compared with net income of $184 million during the same period last year. Earnings were $1.39 per share, a 7.8 percent increase from the $1.29 per share earned in the comparable period last year.

Total first quarter sales increased 3.7 percent to $1.987 billion this year, compared with sales of $1.916 billion for the corresponding prior-year period. Excluding the effect of foreign currency fluctuations, total sales for the first quarter increased 3.9 percent.

All told, these numbers represent the 25th consecutive quarter of sales growth and profit increases for the company.

“We produced the most profitable quarter in the company’s long history, an accomplishment of which everyone at Foot Locker, Inc. should be very proud,” said Richard Johnson, Foot Locker’s chairman of the board and CEO. “Our team navigated well through a variety of challenges, not least of which were rapidly-shifting product category preferences by our customers, to achieve our 25th consecutive quarter of meaningful sales and profit increases over the prior year. Never has it been more apparent how important is the work that we have done to build leadership positions across channels, geographies, banners, and product categories.”

Foot Locker reassured its guidance for the rest of the fiscal year during their report, stating they expect mid-single digit comparable sales gains and a double-digit earnings per share increase for 2016.