Foot Locker Reports Profit Amid Cost Cuts
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Athletic shoe and clothing retailer Foot Locker Inc. reported a second-quarter profit, partly on cost cuts, but said earnings for this quarter will miss estimates because of sluggish sales.
Net income was $31 million, or 21 cents a share, contrasted with a net loss of $14 million, or 10 cents, a year earlier. Excluding a loss from discontinued operations, Foot Locker earned 22 cents, matching analysts’ average estimate. Sales rose 3.5% to $1.09 billion.
Shares of New York-based Foot Locker fell 17 cents to $10.57 on the NYSE.
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