Foot Locker (NYSE:FL) posting a huge profit for the second quarter. The footwear retailer posted a 59% gain from the same time last year with an EPS of 39 cents on revenue of $1.38 billion. The street was estimating earnings per share of 33 cents on $1.35 billion in revenue.
The large gain could be due to the company's tighter management on inventory as well as the increased popularity of athletic shoes from brands such as Nike, Reebok, and Adidas.
Foot Locker also had same store sales surge up 9.8% in the quarter, fairing well in the uncertain European economy where it gets roughly 20% of its sales.
The positive earnings giving Foot Locker a boost. Its shares are up over 3% to $35.56.