Business

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Foot Locker sales up but stock heads lower

Foot Locker’s results also benefited from an extra week.

Emile Wamsteker/Bloomberg News/File

Foot Locker’s results also benefited from an extra week.

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Strong demand for basketball gear helped Foot Locker report sharply higher fourth-quarter sales, though overall results weren’t able to meet investor expectations. Foot Locker reported a 28 percent increase in profit from last year, as double-digit sales growth helped offset higher impairment charges. Earnings per share of 68 cents, however, missed analysts’ expectations, while revenues beat their estimates. The New York firm’s net income was $104 million, up from $81 million last year.

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