Foot Locker hits 6-month high on upbeat comparable sales forecast, India entry

Fsn E-Commerce Ventures

29/11/2023 16:26

(Updates)
    ** Shares of speciality athletic retailer Foot Locker  FL.N 
rise 16.2% to $27.7, the highest in 6 months
    ** Company's Q3 comparable sales fall 8%, compared with
analysts' average expectations of a fall of 10.06% - LSEG data
    ** FL now expects annual comparable sales to be down 8.5% to
9.0%, reflecting Thanksgiving sales boost, vs its previous
forecast of a fall of 9.0% to 10.0%
    ** Company also announces India entry next year, in
partnership with Indian peer Metro Brands  METB.NS  and
cosmetics-to-fashion retailer Nykaa  FSNE.NS 
    ** Brokerage Wedbush raises PT on FL to $25 from $17
    ** FL reported Q3 results that were not as challenged as
feared - Wedbush
    ** Two of 21 brokerages rate the stock "buy" or higher, 13
"hold", 6 "sell" or lower - LSEG data
    ** Stock down ~26.20%% YTD

    

 (Reporting by Evelyn Nikhila S)
 ((Evelynnikhila.s@thomsonreuters.com))