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Stock Market & Financial Investment News

News Breaks
August 22, 2014
10:48 EDTFL, FINLFoot 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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May 22, 2015
14:33 EDTFLFoot Locker reiterated as an Underperform following Q1 report at BofA/Merrill
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10:41 EDTFLFoot Locker nearing unchanged after trading higher post-earnings
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09:25 EDTFLOn The Fly: Pre-market Movers
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09:19 EDTFLFoot Locker sees mid single-digit SSS gain in Q2
Foot Locker said it has been planning a mid single-digit comp gain in Q2 and that it is off to a "very solid start" with a double-digit month to date comparable sales gain in May. There are some launches coming up that will likely impact that month to date comp rate, the company noted. Q2 being a relatively low sales volume quarter will likely make it the quarter most negatively impacted by the stronger dollar, the company added.
09:17 EDTFLFoot Locker sees double-digit EPS growth in FY15, consensus $3.93
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09:10 EDTFLFoot Locker says March SSS up low double digits, April SSS up mid-single digit
Easter at the beginning of April benefited March sales, which were up low double digits, while April's comp gain was back to mid-single digits, Foot Locker stated on its Q1 earnings conference call.
07:07 EDTFLFoot Locker opened 37 stores and closed 41 stores in Q1
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07:06 EDTFLFoot Locker reports Q1 comparable store sales up 7.8%
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07:06 EDTFLFoot Locker reports Q1 EPS $1.29, consensus $1.23
Reports Q1 revenue $1.92B, consensus $1.91B.
May 21, 2015
15:01 EDTFLNotable companies reporting before tomorrow's open
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12:21 EDTFLFoot Locker volatility elevated into Q1 and outlook
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May 20, 2015
17:48 EDTFLFoot Locker appoints Nicholas DiPaolo as non-executive chairman
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08:42 EDTFLGoldman says to buy Deckers Outdoor, sell Foot Locker
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May 18, 2015
08:48 EDTFLUBS sees multiple sources of upside for Foot Locker
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