RTTNews | May 21, 2021 07:20AM EDT

07:20 Friday, May 21, 2021 (RTTNews.com) - Foot Locker, Inc. (FL) Friday reported net income of $202 million, or $1.93 per share, for the first quarter compared with net loss of $110 million, or $1.06 per share, for the corresponding period a year ago. The company cited good demand in its assortment, driving gross margin expansion.

Excluding items, earnings were $1.96 per share compared with loss of $0.67 per share last year. On average, seventeen analysts polled by Thomson Reuters expected company to report earnings of $1.09 per share. Analysts' estimates typically exclude special items.

Total sales increased 83.1 percent to $2.153 billion in the quarter from $1.176 billion in the same period last year. The consensus estimate was for $1.88 billion.

During the first quarter comparable-store sales increased 80.3 percent.

Foot Locker said it has decided to convert about one third of its Footaction stores into other existing banner concepts this year, and will close most of the remaining footaction stores as leases expire over the next two years.

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