Foot Locker Shares Jump 30% as Turnaround Gains Momentum
- Shoe retailer topped earnings, sales estimates last quarter
- Analyst says chain is stabilizing as turnaround plan pays off
A Foot Locker store in New York.
Photographer: Stephanie Keith/BloombergThis article is for subscribers only.
Foot Locker Inc.’s shares surged after the sneaker retailer’s turnaround plan got back on track.
Profit, excluding some items, was 22 cents a share, almost doubling the average analyst estimate. Comparable store sales, a key retail metric, fell 1.8% for the quarter ended May 4. That was slightly better than Wall Street’s expectation of a 1.9% drop.