Stock Alert: Foot Locker Up 4% After Upbeat Q2 Results, Reinstating Dividend

(RTTNews) - Shares of Foot Locker Inc. (FL) are rising almost 4 percent or $1.02 in Friday's morning trade at $28.21, after the specialty athletic retailer's second-quarter results beat analysts' expectations and its board brought back the quarterly dividend program.

Friday, Foot Locker reported second-quarter net income of $45 million or $0.43 per share, down from $60 million or $0.55 per share in the prior-year quarter. Adjusted earnings were $0.71 per share, compared to $0.66 per share in the year-ago period. Total sales grew 17.1 percent to 2.08 billion from $1.77 billion last year. Analysts polled by Thomson Reuters had a consensus earnings estimate of $0.57 per share on revenues of $2.0 billion. Analysts' estimates typically exclude special items.

The company also declared a quarterly cash dividend on common stock of $0.15 per share, payable on October 30, 2020 to shareholders of record on October 16, 2020.

Foot Locker has traded in a range of $17.46 to $47.86 in the past 52 weeks.