Foot Locker, Inc. FL came up with stellar third-quarter fiscal 2020 results, wherein the top and bottom lines outpaced the Zacks Consensus Estimate and grew year over year. Results benefited from strength in the company’s in-store and online assortments, coupled with resiliency in its brands. Despite a late back-to-school selling season, the company saw momentum as the quarter progressed owing to consumers' robust engagement.Further, it did not provide outlook for fiscal 2020 due to the ongoing uncertainties. Moving ahead, management believes that it is well positioned to maneuver the ongoing pandemic. The company also said that over 10% of its store fleet has been shut down temporarily owing to COVID-19-related limitations. However, it has been making proactive actions to offer a seamless experience this holiday season.Notably, shares of the New York-based retailer surged 50.5% in the past three months, compared with the industry’s 54.4% rally. Q3 DetailsThe athletic shoes and apparel retailer posted adjusted earnings of $1.21 per share, which outshone the Zacks Consensus Estimate of 60 cents. The bottom line also rose 7.1% year over year.On a GAAP basis, the company reported earnings of $2.52 a share compared with $1.16 recorded in the prior-year period.Total sales of $2,106 million grew 9% year over year and came above the consensus estimate of $1,937 million. Excluding the foreign-currency fluctuation impact, total sales rose 7.7%. Moreover, comparable-store sales jumped 7.7% during the reported quarter.Foot Locker, Inc. Price, Consensus and EPS Surprise Foot Locker, Inc. price-consensus-eps-surprise-chart | Foot Locker, Inc. QuoteFoot Locker's gross-margin rate contracted 120 basis points (bps) to 30.9% during the quarter. However, SG&A expense rate fell 120 bps to 20.1%.Store UpdateDuring the reported quarter, Foot Locker opened 27 outlets, remodeled or relocated 8 stores, and shuttered 95 including 70 Runners Point outlets. As of Oct 31, 2020, the company operated 3,032 stores across 27 countries in North America, Europe, Asia, Australia and New Zealand. Apart from these, there are 126 franchised Foot Locker stores in the Middle East.Other Financial DetailsThis Zacks Rank #3 (Hold) company ended fiscal third quarter with cash and cash equivalents of $1,393 million, debt of $131 million, and shareholders’ equity of $2,652 million. As of Oct 31, 2020, merchandise inventories were $1,193 million, down 8.5% from the prior-year period. On a constant-currency basis, inventory declined 9.3%.Moreover, it bought back 308 thousand shares worth $10 million and paid dividends of $16 million during fiscal third quarter.Don’t Miss These Solid Retail BetsTapestry TPR has a long-term earnings growth rate of 9.3% and currently sports a Zacks Rank #1 (Strong Buy). You can see the complete list of today’s Zacks #1 Rank stocks here.Boot Barn BOOT, also a Zacks Rank #1 stock with a long-term earnings growth rate of 20%.Dollar General DG has a long-term earnings growth rate of 12.5% and a Zacks Rank #2 (Buy).5 Stocks Set to DoubleEach was hand-picked by a Zacks expert as the #1 favorite stock to gain +100% or more in 2020. Each comes from a different sector and has unique qualities and catalysts that could fuel exceptional growth.Most of the stocks in this report are flying under Wall Street radar, which provides a great opportunity to get in on the ground floor.Today, See These 5 Potential Home Runs >>Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report Dollar General Corporation (DG): Free Stock Analysis Report Foot Locker, Inc. (FL): Free Stock Analysis Report Boot Barn Holdings, Inc. (BOOT): Free Stock Analysis Report Tapestry, Inc. (TPR): Free Stock Analysis Report To read this article on Zacks.com click here. Zacks Investment Research