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    Earnings News: Foot Locker Inc (FL) Reports Second Quarter Results

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    IBTimes

    by IBTimes

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    Foot Locker, Inc. (NYSE: FL) reported second quarter profit of $66 million, or 44 cents a share, compared with $59 million, or 39 cents a share, in the year-ago period.

    The company reported quarterly adjusted earnings of 46 cents per share on $69 million in revenue, while Wall Street had expected the company to issue earnings of 47 cents on $1.45 billion in revenue, according to analysts polled by Reuters.

    Revenue rose 6 percent to $1.45 billion, from $1.37 billion a year earlier, while total sales increased 6.4 percent to $1.45 billion.

    Foot Locker, Inc. CEO Ken C. Hicks said the company did face more challenges in the U.S. than planned, but added the retailer “produced second quarter ongoing profit and sales results that were our best ever."

    The company said it still estimates a double-digit percentage increase in its fiscal 2013 earnings.

    On Friday, shares of Foot Locker, Inc. fell 2.73 percent to $33.08 in morning trading.

    In other company news, Microsoft Corporation CEO Steve Ballmer announced Friday morning he plans to retire in 12 months.

    Shares of Microsoft Corporation (NASDAQ: MSFT) jumped 7.13 percent to $34.70 in morning trading.

    On the economic front, the Commerce Department said on Friday new home sales in July plunged 13.4 percent to an annual rate of 394,000 units, the lowest level in nine months.  Sales of new single-family homes in the U.S. came in below expectations, as analysts polled by Reuters had expected a 490,000-unit sales pace for last month.

    Wall Street was flat on Friday, a day after trading on the Nasdaq was halted for more than three hours after a technical glitch. Investors and traders are looking ahead to the Jackson Hole, Wyoming symposium, as central bankers around the world gather to discuss the global economy this weekend. Federal Reserve Chairman Ben Bernanke will not attend the meeting.

    The Dow Jones industrial average fell 29.95 points or 0.2 percent, to 14,933.79. The S&P 500 lost 2.07 points or 0.12 percent, to 1,654.89. The Nasdaq Composite added 5.238 points or 0.14 percent, to 3,643.945.