UPDATE 1-Foot Locker Q3 beats Street view

Nov 17 (Reuters) - Athletic footwear retailer Foot
Locker Inc's quarterly results beat market expectations
for the seventh straight quarter on stronger sales of its
running shoes, sending the company's stock up about 5 percent in
extended trade.
The retailer, which sells branded shoes of Nike Inc,
Reebok and Adidas AG, has been seeing steady gains in
margins and sales after the closing of about 650 underperforming
stores over the last three years.

KEY POINTS: Q3 2011 I/B/E/S Q3 2010
Revenue $1.39 bln $1.37 bln $1.28 bln
Net income $66 mln -- $52 mln
GAAP EPS $0.43 $0.39 $0.33

* Same-store sales rise 7.4 percent.
* Gross margins increased 220 basis points.
* Merchandise inventory at the end of the third quarter
remained flat at $1.20 billion.

MARKET REACTION / COMMENTARY:
* Foot Locker shares, which have risen more than 13 percent
from the beginning of this year, were up 5 percent at $22.99 on
Thursday in extended trade. They closed at $21.82 on the New
York Stock Exchange.