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Foot Locker Profit Falls

Revenue inches higher.

Athletic shoe retailer

Foot Locker

(FL) - Get Foot Locker, Inc. Report

said Thursday its third-quarter earnings fell 1.5% from the year-ago.

The company earned $65 million, or 42 cents a share, in the quarter ended Oct. 28, compared with $66 million, or 42 cents a share, a year ago. Analysts surveyed by Thomson First Call were expecting earnings of $65.3 million, or 41 cents a share in the most recent quarter.

Third-quarter revenue rose 1.4% from a year ago to $1.43 billion, against analysts' estimation of $1.42 billion. Comparable-store sales decreased 0.3%.

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For the fourth quarter, the company expects its earnings to increase several cents versus the same quarter last year.

Full year earnings from continuing operation are expected to be $1.58 to $1.65 a share before a non-cash charge. Analysts' are expecting earnings of 61 cents a share in the fourth quarter and $1.55 a share for the full year.

During the third quarter, the company opened 57 new stores, remodeled/relocated 49 stores, and closed 16 stores.

The company said that it plans to open a new retail format, which will be aimed at selling value-priced family footwear under the "Footquarters" brand name. About 30 stores will be opened during the spring season of 2007, with a further rapid expansion plan possible thereafter.

Foot Locker also plans to open its first "Champs Sports Just Hats" store in November 2006, selling athletic hats, located in the Miami International Mall, the company added.

This story was created through a joint venture between TheStreet.com and IRIS.