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Summary
- Foot Locker posts 83.1 percent sales growth in the first quarter.
- Deere saw its fiscal second-quarter net income more than double.
- F. Corporation’s revenue in fiscal 2021 fell 12 percent.
Stocks of Deere & Company (NYSE:DE) and Foot Locker, Inc. (NYSE:FL) rose, while V.F. Corporation (NYSE:VFC) declined after publishing their latest financial results.
Foot Locker, Inc. (NYSE:FL)
Foot Locker is a New York-headquartered apparel and sports shoes retailer.
The retailer reported an 83.1 percent year-over-year growth in its total sales during the first quarter ended May 1 to US$2.1 million. Comparable-store sales recorded an 80.3 percent increase during the period.
The retailer posted a net income of US$202 million, compared with a net loss of $110 million in the year-ago period. EPS came in at US$1.93, up from the loss per share of US$1.06.
Foot Locker reported an adjusted EPS of US$1.96 per share, against a loss of 67 cents per share in the first quarter of 2020.
It did not provide an outlook for the rest of 2021 due to the pandemic uncertainties.
Foot Locker’s stock was trading at US$62.26 in the morning, up 4.2 percent.
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Deere & Company (NYSE:DE)
Illinois-based Deere manufactures agricultural equipment and machines for the heavy machinery industry.
Deere saw its second-quarter net income more than double to US$1.79 billion from US$666 million in the second quarter previous year as net sales and revenues surged 30 percent year over year to US$12.06 billion.
Fully diluted EPS during the three months ended May 2 jumped to US$5.68 per share from US$2.11 per share in the year-ago period.
Meanwhile, Deere raised its full fiscal year net income guidance to the range of US$5.3 billion to US$5.7 billion from the previous forecast range of US$4.6 to US$5.0 billion.
Deere’s stock rose 3.3 percent to US$367.26 on Friday morning.
Source: Pixabay
V.F. Corporation (NYSE:VFC)
The Colorado-based company is an apparel and footwear retailer, which owns brands including North Face, Timberland, and Vans.
V.F. Corp’s revenue from continuing operations in the fiscal year ended April 3, 2021, totaled US$9.2billion, down 12 percent year over year. EPS during the 53-week period was 91 cents, while adjusted EPS fell 51 percent to US$1.31. It has declared a quarterly dividend of 49 cents per share.
However, the retailer projects its revenue to grow 28 percent in the fiscal year 2022 to around US$11.8 billion. V.F. Corp targets adjusted EPS to reach US$3.05.
The company noted that most of its supply chain is now operational. In North America and the EMEA region, around 5 percent and 20 percent of its stores, respectively, remained closed.
As of 9:44 am ET, V.F. Corp stock was trading at US$79.52, down 6.25 percent.
