RTTNews | Nov 19, 2021 09:52AM EST

09:51 Friday, November 19, 2021 (RTTNews.com) - Shares of Foot Locker, Inc. (FL) are slipping over 9% on Friday morning after the specialty athletic retailer reported a third-quarter profit that trumped Wall Street view, however, the company expects global supply chain constraints going forward.

FL is currently trading at $52.36, down $5.20 or 9.03%, on the NYSE.

Foot Locker's third-quarter profit dropped to $158 million or $1.52 per share from $265 million or $2.52 per share in the prior-year quarter. Adjusted earnings were $1.93 per share, compared to $1.21 per share in the year-ago quarter.

Sales for the quarter grew 3.9 percent to $2.19 billion from $2.11 billion in the same quarter last year.

Analysts polled by Thomson Reuters expected earnings of $1.37 per share on revenues of $2.14 billion for the quarter.

Looking forward, Chief Financial Officer Andrew Page said, "We expect global supply chain constraints to persist throughout the fourth quarter; that said, we believe we are positioned for the holiday season, with positive momentum and inventory levels ready to meet customer demand."

Read the original article on RTTNews ( https://www.rttnews.com/3243811/foot-locker-stock-down-9-q3-profit-beats-street-view-but-expects-supply-chain-constraints.aspx)

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