NEW YORK (TheStreet) -- Shares of Foot Locker (FL) are up 3.50% to $54.41 on very heavy trading volume after the retailer of shoes and apparel earlier reported second quarter sales and profit that beat analysts' estimates.
Earnings were up 39% to 64 cents per share, excluding some items.
See why Foot Locker's strength is likely to continue in the second half of the year:
Analysts projected 54 cents on average, according to Bloomberg data.
The company's revenue was up 13% to $1.64 billion in the quarter, above the $1.57 billion analysts projected. Net income was $92 million, or 63 cents per share, from $66 million, or 44 cents.
Same-store sales increased 7%, while analysts predicted a 5.4% gain, based on Consensus Metrix estimates.
TheStreet Ratings team rates FOOT LOCKER INC as a Buy with a ratings score of A+. TheStreet Ratings Team has this to say about their recommendation:
"We rate FOOT LOCKER INC (FL) a BUY. This is based on the convergence of positive investment measures, which should help this stock outperform the majority of stocks that we rate. The company's strengths can be seen in multiple areas, such as its revenue growth, largely solid financial position with reasonable debt levels by most measures, solid stock price performance, growth in earnings per share and increase in net income. We feel these strengths outweigh the fact that the company shows low profit margins."