Foot Locker Jumping On Earnings (FL)

Foot Locker, Inc. FL is jumping higher, gaining more than 10% after the athletic apparel company reported earnings. The company reported earnings of 33 cents on revenues of $1.28 billion. "The more than tripling of our third quarter earnings per share versus our adjusted third quarter earnings in 2009 was driven by the combination of strong comparable-store sales growth and gross margin rate expansion," stated Ken C. Hicks, Foot Locker, Inc.'s Chairman and Chief Executive Officer. "These improving results reflect the hard work of our associates worldwide as the organization continues to implement the initiatives outlined in our new strategic plan. It is encouraging that our increased sales and earnings reflect meaningful improvements in each of our operating divisions in the U.S., as well as in our largest international markets." Shares were sharply higher on the news, gaining $1.60 to $18.04, a gain of nearly 10%.