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Business

Market Movers

Higher expenses hurt Foot Locker profits

Foot Locker said profit reached $104 million.

Bloomberg News/File

Foot Locker said profit reached $104 million.

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Foot Locker Inc. said fiscal third-quarter profit slipped 1.9 percent as the athletic apparel retailer’s higher expenses masked growth in same-store sales, which rose 4.1 percent in the period. That continues a growth trend that has lasted for several years and tops analyst estimates. Foot Locker in July acquired Germany specialty athletic store and online retailer Runners Point Group for about $254 million. For the quarter, Foot Locker posted a profit of $104 million, down from $106 million a year earlier. Sales grew 6.4 percent to $1.62 billion. Analysts expected earnings of 66 cents a share on sales of $1.57 billion.

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