Foot Locker Q1 profit soars 76%

New York City -- Foot Locker said on Thursday that its first-quarter profit jumped 76% as sales rose sharply. The retailer, which has benefited from efforts to cut costs and close dozens of poorly performing locations, said it earned $94 million for the quarter that ended April 30.

Sales increased 13% to $1.45 billion, from $1.28 billion a year earlier. Same-store sales rose 12.8%. The results easily beat the average estimates of analysts.

During the quarter Foot Locker opened 18 new stores and closed 24 locations. As of April 30 it operated 3,420 stores in 22 countries.

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