Foot Locker Shares Rise Following Surprise Earnings Beat

Company narrows full-year forecast and announces plans for expansion into India.

Foot Locker's shares rose after the company posted surprise earnings and sales beats, and gave a more upbeat sales outlook.
The company now expects sales to drop by 8% to 8.5% for the year, compared with a previously issued forecast of an 8% to 9% decrease.
Foot Locker's same-store sales fell 8% year over year, reflecting ongoing consumer softness and a change in its mix of vendors.
The company's gross margins in the quarter declined year over year, due to higher promotions and losses from theft and damage to merchandise.
Foot Locker announced a multi-year deal with the NBA and plans to enter the Indian market next year.