Foot Locker Stock Surged After Releasing Earnings
Aug 19, 2022 By MarketDepth
Foot Locker (FL:NYQ) surprised the market and released positive quarterly earnings Friday. The company did $2.07 billion in quarterly sales which is in line with analyst estimates.
Foot Locker stock is up 20% intraday on the positive results.
On another positive note, the company announced the current CEO Richard Johnson would be retiring and former ULTA Beauty CEO Mary Dillon will be taking his place. The news plus analyst becoming bullish on the stock lifted the share price to $38 a share.
“This is a thesis changing move given Dillon’s strong reputation in the industry.”BofA Securities Analyst Lorraine Hutchinson
Retailers constantly reducing outlooks as external pressures are driving sales down while they fight inflation. Foot Locker is currently beating out other retailers with positive results and the change in CEO will help them drive sales forward.