In November business week said,
Foot Locker Inc. reported a better-than-expected third-quarter net income on Thursday and an analyst initiated coverage on the athletic retailer with an "Outperform" rating.
Foot Locker returned to a profit of 33 cents per share during the quarter, better than the 17 cents per share analysts polled by Thomson Reuters expected.
Revenue rose 5 percent to $1.28 billion, also ahead of expectations.
"Foot Locker is in the early stages of its margin recovery plan," wrote Camilo Lyon of Wedbush in a note to investors. A resurgence in basketball shoes and apparel and adding more running products to stores will help Foot Locker's results, he said.
He gave the New York company an "Outperform" rating with a $21 price target. Foot Locker shares closed at $16.44 on Thursday.
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