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Foot Locker, Inc. (NASDAQ:FL) Expected To Report Earnings On Friday

19 November, 2017, 02:01 | Author: Paula Vaughn
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In company news, Foot Locker ( FL ) was running up the score on Friday, racing as much as 31% higher to a session high of $41.73 a share, after the footwear and sports accessories retailer Friday reported upbeat Q3 financial results as well as an "elevated partnership" with Nike ( NKE ) featuring in-store and pop-up opportunities at Foot Locker stores.

Foot Locker reported a 3.4% decline in merchandise inventory and said there was more premium product available than earlier in the year. (NYSE:FL) from a hold rating to a buy rating in a research note released on Friday morning.

Analysts had expected the company to earn $0.80 per share, according figures compiled by Thomson Reuters. Total sales decreased 0.8 percent, to $1,870 million this quarter, compared with sales of $1,886 million for the corresponding prior-year period. FBR & Co restated a "neutral" rating and issued a $58.00 price objective on shares of Foot Locker in a report on Tuesday, August 15th.

Consumer stocks were mixed on the final trading day of this week, with shares of consumer staples companies in the S&P 500 falling more than 0.5% while shares of consumer discretionary firms in the S&P 500 were climbing over 0.5%.

The firm also recently declared a quarterly dividend, which will be paid on Friday, February 2nd. This represents a $1.24 dividend on an annualized basis and a dividend yield of 3.04%.

Foot Locker shares surge the most in 40 years after earnings beat
Foot Locker Inc. Reports 28% Decline In Q3 Profit

Results exceeded Wall Street's guidance calling for adjusted earnings of 80 cents per share on sales of $1.84 billion. The company has a debt-to-equity ratio of 0.04, a quick ratio of 2.88 and a current ratio of 5.63. The ex-dividend date of this dividend is Thursday, January 18th. Foot Locker's dividend payout ratio is now 28.64%.

COPYRIGHT VIOLATION WARNING: This story was first posted by Week Herald and is the property of of Week Herald.

Thirteen percent of UBS survey respondents indicated that they prefer to purchase Nike products on Amazon compared with the 9 percent who said they prefer to purchase the same products at Foot Locker. Afam Capital Inc. now owns 34,033 shares of the athletic footwear retailer's stock worth $1,199,000 after buying an additional 14,409 shares in the last quarter. Cubist Systematic Strategies LLC now owns 51,637 shares of the athletic footwear retailer's stock worth $1,819,000 after buying an additional 3,981 shares in the last quarter. If you are viewing this story on another site, it was copied illegally and reposted in violation of US and worldwide trademark & copyright laws. "We are adjusting our course proactively, including creating new initiatives with key vendors and making critical investments in our digital platforms and supply chain, to ensure that Foot Locker will continue to thrive at the center of sneaker culture and, more broadly, youth culture". Institutional investors own 95.20% of the company's stock. Finally, Canada Pension Plan Investment Board lifted its position in Foot Locker by 65.3% in the second quarter.

Several hedge funds have recently made changes to their positions in the stock. Bank of New York Mellon Corp now owns 3,591,593 shares of the athletic footwear retailer's stock valued at $126,495,000 after purchasing an additional 870,899 shares during the last quarter. In the world of battered retail stocks, the fact that Foot Locker held the top line was impressive.

As of October 28, the company operated 3,349 stores in 23 countries in North America, Europe, Australia, and New Zealand.

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