LONDON (ShareCast) - (Sharecast News) - Retailer Foot Locker turned in better-than-expected third-quarter earnings on Friday after same-store sales came in ahead of analysts' expectations thanks to a solid performance by Nike.
Foot Locker saw earnings for the three months ended 2 November come to $1.13 per share, down just one cent year-on-year and $0.05 ahead of estimates on the Street.

While group revenues rose 3.9% to $1.93bn, coming in just shy of analysts' estimates of $1.94bn, same-store sales rose 5.7% - a full percentage point ahead of forecasts.

Nike, which accounts for roughly 70% of Foot Locker's total revenues, had previously reported that sales in the three months ended 31 August rose 7% to $10.7bn.

Chief executive Richard Johnson said: "We are pleased with our performance in the quarter, which reflects the success of our strategic focus on building even deeper connections with our customers and further strengthening relationships with our vendors."

"Across the company, we are making great strides in implementing our four strategic imperatives, which are designed to ensure we are best positioned to compete in the retail marketplace by inspiring and empowering youth culture while also strengthening our bottom line and driving value for our shareholders."

As of 1330 GMT, Foot Locker shares were up 4.46% in pre-market trading at $43.31 each.

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