NEW YORK (TheStreet) -- Foot Locker (FL) shares are up 0.91% to $64.58 in early market trading on Friday following the release of the shoe retailer's first quarter earnings results before the opening bell today.
The New York City-based company reported first quarter earnings of $184 million, or $1.29 per diluted share, 7 cents better that the $1.22 analysts' were expecting the company to earn during the period.
Revenues rose 2.6% during the period to $1.92 billion, in line with analysts' expectations for the quarter.
Same store sales during the period rose 7.8% year over year, also in line with the company's own guidance of mid single digit growth.
"We have hit the ground running in 2015, producing the most profitable quarter in our history. We are focused on executing the updated strategic priorities that we described in our investor meeting in March, and the results in the first quarter demonstrate that we remain on the right track, with strong performances across our channels, geographies, banners, and categories. Our core business improved and we made progress on each of our growth pillars, a team accomplishment of which we are all very proud," said President and CEO Richard Johnson.
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 solid stock price performance, impressive record of earnings per share growth, compelling growth in net income, revenue growth and largely solid financial position with reasonable debt levels by most measures. We feel its strengths outweigh the fact that the company shows low profit margins."