Foot Locker quarterly results top estimates, shares surge

Foot Locker Inc on Friday posted first-quarter results that topped analysts’ estimates, as partnerships with top vendors brought in more customers, sending its shares up 13 percent in premarket trade.

Sales at stores open at least a year fell 2.8 percent, smaller than the decline of 3.6 percent analysts were expecting, according to Consensus Metrix.

Net sales at the retailer, which sells Nike Inc, Reebok and Adidas AG sneakers, rose 1.2 percent to $2.03 billion in the quarter, beating expectations of $1.96 billion.

“The flow of premium product continues to improve, with increasing breadth and depth in the most sought after styles from our key vendors,” Chief Executive Officer Richard Johnson said in a statement.

The company’s income fell to $165 million, or $1.38 per share in the three months ended May 5, from $180 million, or $1.36 per share, a year earlier.

Excluding items, the company earned $1.45 per share, beating the analysts’ average estimate of $1.25, according to Thomson Reuters I/B/E/S.