On Monday, Foot Locker, Inc. (NYSE: FL) oscillated between $42.06 and $43.28 before concluding trading period higher +0.74% at $42.23. The stock recorded total trading quantity of 2.69M shares as compared to its average volume of 3.62M shares. The share price fluctuated between $39.06 and $68.00 during the 52-week trading period. The firm has a total market worth of $4.54 and 107.61M shares remain outstanding.

Foot Locker, Inc. (NYSE: FL), the New York-based specialty athletic retailer, stated recently financial results for its first quarter ended May 4, 2019.

First Quarter Results
Net income for the Company’s first quarter of 2019 was $172M, or $1.52 per share, contrast to net income of $165M, or $1.38 per share in the corresponding prior-year period.  Not Including charges recorded in connection with the Company’s pension matter, non-GAAP earnings were $1.53 per share and $1.45 per share for the first quarter of 2019 and 2018, respectively.  A reconciliation of GAAP to non-GAAP results is included in the tables below.

First quarter comparable-store sales increased 4.6 percent.  Total first quarter sales increased 2.6 percent, to $2,078M, contrast to sales of $2,025M for the corresponding prior-year period.  Not Including the effect of foreign exchange rate fluctuations, total sales for the first quarter of 2019 increased 4.7 percent.  The Company’s gross margin rate increased to 33.2 percent from 32.9 percent a year ago, while the SG&A expense rate increased to 20.0 percent from 19.0 percent in the first quarter of 2018, largely reflecting the planned investments the Company is making in its digital capabilities and infrastructure.

Financial Position
As of May 4, 2019, the Company’s merchandise inventories were $1,211M, 0.1 percent higher than at the end of the first quarter last year.  Using constant currencies, inventory increased 1.7 percent.

The Company’s cash totaled $1,126M, while the debt on its balance sheet was $123M. In connection with that adoption, the Company recognized $3,273M of lease obligations and right-of-use assets of $3,004M, the difference is due primarily to before recognized amounts.  The Company spent $1.8M to repurchase 32,100 shares during the quarter and paid a quarterly dividend of $0.38 per share, spending $43M.