Shares of Foot Locker Inc. FL, -3.69% tumbled 9.0% in premarket trading Friday, after the athletic footwear and accessories retailer reported a fiscal fourth-quarter profit that beat expectations, but surprise declined in net and same-store sales. Net income for the quarter to Jan. 30 fell to $123 million, or $1.17 a share, from $134 million, or $1.27 a share, in the year-ago period. Excluding nonrecurring items, adjusted earnings per share came to $1.55, above the FactSet consensus of $1.37. Sales slipped 1.4% to $2.19 billion, while the FactSet consensus called for 3.2% increase to $2.29 billion, as the same-store sales decline of 2.7% missed expectations for 4.9% growth. “Despite the challenging macro backdrop of COVID-related store closures and supply chain congestion, we delivered strong bottom-line results in the fourth quarter,” said Chief Executive Richard Johnson. “Our customers responded well to our solid product offering and exciting holiday campaign, which drove stronger margins and continued acceleration of our digital business.” The company did not provide financial guidance given uncertainties resulting from the pandemic. The stock has run up 37.5% over the past three months through Thursday, while the S&P 500 SPX, -2.45% has gained 5.5%.
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