Footlocker Inc (NYSE:FL) shares raced up over 26% in New York as the group unveiled its latest quarterlies, which aparently cheered the market.
Net income for the three months was US$102 million, or $0.81 per share, compared to net income of $157 million, or $1.17 per share in the same period last year. Total sales decreased 0.8% to $1,870 million.
"The company's results in the quarter were broadly in line with our expectations," said Richard Johnson, Chairman and Chief Executive.
"Despite the highly promotional environment we still see in the marketplace, the availability of premium product is gradually improving compared to the first half of the year, and we believe we can achieve, and perhaps modestly exceed, the top- and bottom-line guidance we gave for the fourth quarter back in August."
On the day, shares added over 28% to US$40.82 each.