Foot Locker profit surges 36% on strong sales

NEW YORK — Foot Locker's first-quarter profit rose 36%, exceeding Wall Street predictions. For the quarter ended April 28, the company earned $128 million, up from $94 million in the same quarter last year.

"2012 has gotten off to an outstanding start, with our first quarter results representing the highest level of quarterly earnings in the company's history," said chairman and CEO Ken Hicks.

Sales rose 8.7% to $1.58 billion from $1.45 billion. Same-store sales increased 9.7%.

Foot Locker opened 25 new stores and closed 34 others during the quarter, bringing its store base to 3,360 in 23 countries as of April 23. An additional 36 franchised stores operate in the Middle East and South Korea.