Foot Locker makes strides as Q3 tops estimates

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The stock had fallen more than 55% before Friday's earnings report as new athletic footwear styles failed to excite shoppers amid competition from the online segment led by Amazon. 115.75 million shares or 1.84% less from 117.92 million shares in 2017Q1 were reported.

Gross margins also declined in the period, to 31.0% percent of sales from 33.9% past year. Bank of New York Mellon Corp boosted its holdings in Foot Locker by 32.0% in the third quarter.

Several other institutional investors have also bought shares of the company.

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Among 30 analysts covering Foot Locker Inc. Financial Service reported 0.01% in Foot Locker, Inc. (FL) traded up $0.65 during mid-day trading on Friday, hitting $31.85. The company's stock had a trading volume of 6,309,600 shares, compared to its average volume of 3,308,711. The firm has a market capitalization of $3,675.29, a price-to-earnings ratio of 6.62, a price-to-earnings-growth ratio of 2.07 and a beta of 0.66.

The company now has an insider ownership of 0.2 Percent and Institutional ownership of 99.3 Percent.

Foot Locker shares surge the most in 40 years after earnings beat
Foot Locker Q3 Earnings Top Wall Street Targets

Foot Locker's quest to regain momentum got a boost in the third quarter as the chain reported better than expected revenue and earnings. Foot Locker had a return on equity of 21.52% and a net margin of 7.49%.

The company said revenue for the quarter fell 1.1% to $1.87 billion. During the same quarter in the prior year, the company posted $1.13 EPS. -EPS Decline (Y-o-Y): -23.0% -Analysts Estimate: $0.80 -Revenue (Q3): $1.87 Bln vs. $1.89 Bln a year ago.

The business also recently disclosed a quarterly dividend, which will be paid on Friday, February 2nd. This represents a $1.24 dividend on an annualized basis and a yield of 3.97%. Foot Locker's dividend payout ratio is 28.64%. Cowen and Company reissued a "hold" rating and issued a $52.00 price objective on shares of Foot Locker in a report on Friday, July 28th. Morgan Stanley reaffirmed an overweight rating and issued a $50.00 target price (down from $65.00) on shares of Foot Locker in a report on Tuesday, August 29th. It fall, as 100 investors sold Foot Locker, Inc. shares while 161 reduced holdings. Jefferies Group LLC reissued a "buy" rating and issued a $80.00 price objective on shares of Foot Locker in a report on Thursday, August 3rd.

Previously on Monday November 13, 2017, Telsey Advisory Group released a statement for Foot Locker (NYSE:FL) bumped down the target price from $36.00 to $34.00. (NYSE:FL), 12 have Buy rating, 1 Sell and 17 Hold. $60.80's average target is 57.59% above currents $38.58 stock price.

Shoe Carnival and Hibbett have raised their same-store sales forecasts, while Foot Locker said it expects to achieve or modestly exceed top- and bottom-line guidance for the fourth quarter provided earlier in August. As part of Foot Locker's over-arching strategy to offer differentiated brand experiences and products, the two companies are again joining forces to offer industry-leading experiences to consumers through innovative in-store and pop-up opportunities. The Firm is an athletic footwear and apparel retailer, which include businesses, such as include Foot Locker, Kids Foot Locker, Lady Foot Locker, Champs Sports, Footaction, Runners Point, Sidestep and SIX:02.

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