New User:

-or-
Username:
Password:
Forgot your password?

Stock Market & Financial Investment News

News Breaks
March 7, 2014
10:45 EDTFL, FINLFoot Locker rises after quarterly earnings beat expectations
Shares of shoe and apparel retailer Foot Locker (FL) are rising after the company reported fourth quarter earnings that beat the consensus estimate. WHAT'S NEW: Foot Locker reported fourth quarter adjusted earnings per share of 82c, which beat analysts' consensus expectation of 76c. The company reported fourth quarter revenue of $1.79B which beat the consensus estimate of $1.76B. Foot Locker also reported comparable store sales in the fourth quarter rose 5.3%. WHAT'S NOTABLE: During the company's earnings conference call, Foot Locker said comparable stores sales are up low double digits so far in the first quarter. Foot Locker is planning for a mid single digit same-store sales gain for FY14, including a mid single digit same-store gain in each quarter. The company expects its earnings per share to grow by a double-digit percentage during FY14, it added. The company says it has $371M left on its share repurchase program and says it was "active" in executing it during the end of 2013. Foot Locker expects its share count to continue decreasing as the program is executed. ANALYST OPINION: Following the company's report, analysts at Deutsche Bank raised their price target on Foot Locker shares to $48 from $45. Deutsche Bank noted the company's FY14 guidance was in-line with Street expectations, unlike most retailers, and the firm reiterated its Buy rating on the stock. PRICE ACTION: During mid-morning trading, shares of Foot Locker rose $2.70, or 6.32%, to $45.43. ANOTHER TO WATCH: Shares of another footwear retailer, Finish Line (FL), were up 2.8% to $28.29 in mid-morning trading.
News For FL;FINL From The Last 14 Days
Sign up for a free trial to see the rest of the stories you've been missing.
February 18, 2015
16:41 EDTFLFoot Locker approves $220M capital expenditure program for 2015
Subscribe for More Information
16:39 EDTFLFoot Locker raises dividend 14% to 25c, approves $1B share buyback
Foot Locker announced that its board authorized capital allocation initiatives that "simultaneously provide meaningful returns to shareholders and maintain a significant investment in its business operations." The board declared a quarterly cash dividend on the company's common stock of 25c per share, which will be payable on May 1 to shareholders of record on April 17. This dividend declaration represents a 14% increase over the company's previous quarterly per-share amount. The board also approved a new 3-year, $1B common share repurchase program extending through January 2018, replacing the company's previous $600M program. The company spent $305M under the previous program in 2014, and as of yesterday had substantially completed the full program amount, Foot Locker said.

Sign up for a free trial to see the rest of the stories you've been missing.

I agree to the theflyonthewall.com disclaimer & terms of use