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Stock Market & Financial Investment News

News Breaks
August 22, 2014
10:48 EDTFINL, FLFoot Locker jumps after earnings beat expectations
Shares of shoe and apparel retailer Foot Locker (FL) are higher after the company reported second quarter earnings which exceeded analysts' expectations. WHAT'S NEW: Foot Locker reported Q2 adjusted earnings per share of 64c, which surpassed analysts' consensus of 54c. The company's Q2 revenue was $1.64B, which was higher than analysts' consensus of$1.57B. Foot Locker's same-store-sales increased 7% and its gross margin rate was up 32% for the quarter. WHAT'S NOTABLE: During the company's conference call, Foot Locker said third quarter comparable sales are positioned to experience mid-single digit gains. The company noted that it is making "good progress" on maintaining a "solid" flow of inventory and its inventory overall is well-positioned for the upcoming back-to-school and fall seasons. Foot Locker is still on-track to close just over 100 stores this year, but some closures are expected to happen at the beginning of FY15. The retailer is projecting to open 80 stores this year mostly in Europe and Kids Foot Locker, which is an increase from the company's initial projection of opening 60 stores. A high-single digit comparable sales gain has been experienced by the company so far in August. It anticipates a SG&A improvement of 30-40 basis points and gross margins to be up 20-40 basis points in Q3. ANALYST OPINION: Two days ago, Canaccord said that they were positive on Foot Locker prior to Q2 earnings results since they foresaw the results to be "solid." The firm felt that the retailer was "well-positioned" to still benefit from its target of expanding toward casual athletic footwear. The firm maintained a $56 price target on Foot Locker with a Buy rating. Yesterday, UBS increased its price target on Foot Locker to $58 from $54 right before the retailer announced its Q2 results. The firm anticipated higher than expected earnings, positive SSS trends and the potential for increased guidance and valuation. UBS kept Foot Locker with a Buy rating. OTHERS TO WATCH: Foot Locker competitor Finish Line (FINL) is scheduled to report its Q2 quarter earnings on September 25. PRICE ACTION: During morning trading, Foot Locker shares rose $1.60 or just over 3%, to $54.17, and Finish Line shares rose 19c, or 0.65%, to $29.62.
News For FL;FINL From The Last 14 Days
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December 19, 2014
16:31 EDTFL, FINLOn The Fly: Closing Wrap
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13:42 EDTFINLFinish Line downgraded to Hold from Buy at Canaccord
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12:27 EDTFL, FINLOn The Fly: Midday Wrap
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11:53 EDTFLFoot Locker heads lower with peers, levels to watch
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10:39 EDTFLNike leads footwear space lower after futures growth slows
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10:17 EDTFINLOn The Fly: Analyst Downgrade Summary
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10:02 EDTFLFoot Locker downgraded to Underperform from Neutral at BofA/Merrill
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09:56 EDTFINLFinish Line downgraded to Underperform from Neutral at BofA/Merrill
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09:28 EDTFINLOn The Fly: Pre-market Movers
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09:05 EDTFINLFinish Line says prioritizing capital spending to focus on sales driving
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08:58 EDTFINLFinish Line sees Q4 comparable sales up low-to-mid single digits
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08:43 EDTFINLFinish Line says will stay 'aggressive' on acquisition front
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08:38 EDTFINLFinish Line says Q3 traffic at record level
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08:37 EDTFINLFinish Line says running category innovation not at peak strength
Finish Line says will be cautious about margin assumptions until running sales trends improve. Comments from Q3 earnings conference call.
07:07 EDTFINLFinish Line now sees FY15 EPS flat with prior year $1.67, consensus $1.79
For FY15, Finish Line now expects EPS to be flat to FY14 non-GAAP EPS of $1.67. The company expects Finish Line comparable store sales to increase low to mid-single digits. The company previously said it expected Finish Line comparable store sales to be up mid single digits. “Third quarter comparable sales rebounded from second quarter trends, however merchandise margin pressure kept us from achieving our profitability plan. We remain confident in the strategic course we have set for the company and we’ll continue to invest in the omnichannel initiatives focused on delivering the long-term financial goals we have previously outlined. That said, we are adjusting our near-term capital spending plans and creating a more flexible expense structure to protect profitability until stronger full price selling trends reemerge," said CEO Glenn Lyon.
07:04 EDTFINLFinish Line reports Q3 EPS (2c), consensus 1c
Reports Q3 revenue $395.8M, consensus $390.95M. Finish Line Q3 comparable store sales increased 4.5%.
December 18, 2014
15:21 EDTFINLNotable companies reporting before tomorrow's open
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December 15, 2014
08:02 EDTFINLFinish Line volatility elevated into Q3 and outlook
Finish Line December call option implied volatility is at 74, February is at 37; compared to its 26-week average of 34 according to Track Data, suggesting large price movement into the expected release of Q3 results on December 19.

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