Foot Locker (FL) reported quarterly results that can only be described as better than feared: Nearly all of the important metrics came in weaker than a year ago, but they weren't as terrible as expectations on Wall Street.
While Wednesday's surge put Foot Locker's quarter-to-date gains at nearly 60%, the stock was still down roughly 27% in 2023.
Better sales guidance than previously forecast and only a slightly worse earnings outlook also helped juice shares of Foot Locker.
In our view, this is appropriate because Foot Locker is a turnaround story.
Shoppers leave the American multinational sportswear and footwear retailer, Foot Locker store in Spain.
Persons:
Locker, We're, Mary Dillon, Dillon, we're, Michael Baughn, comps, Cash, Jim Cramer's, Jim Cramer, Jim, Xavi Lopez
Organizations:
Sports, Nike, Management, EMEA, CNBC, Shoppers, Lightrocket, Getty
Locations:
North America, Middle East, Africa, Asia, Spain