Why Shares of Foot Locker Jumped Today
Shares of footwear retailer Foot Locker (NYSE: FL) soared on Friday following a third-quarter report that wasn't as bad as feared. While comparable sales slumped, the company beat expectations and said it may beat its previous holiday quarter guidance. Foot Locker also announced an expanded partnership with Nike, news that could be contributing to the gains. The stock was up about 25% at 12:50 p.m. EST.
Foot Locker reported third-quarter revenue of $1.87 billion, down 0.8% year over year but $40 million higher than the average analyst estimate. Excluding currency effects, revenue would have slumped by 2.3%. Comparable store sales fell 3.7%, with the company pointing to a highly promotional environment as one factor driving down sales.
Image source: Foot Locker.
Source: Fool.com
Foot Locker Inc. Stock
Currently there is a rather positive sentiment for Foot Locker Inc. with 12 Buy predictions and 8 Sell predictions.
As a result the target price of 24 € shows a slightly positive potential of 10.14% compared to the current price of 21.79 € for Foot Locker Inc..
