$2.11 Billion in Sales Expected for Foot Locker, Inc. (FL) This Quarter

Wall Street brokerages expect that Foot Locker, Inc. (NYSE:FL) will post sales of $2.11 billion for the current quarter, Zacks Investment Research reports. Eight analysts have issued estimates for Foot Locker’s earnings. The highest sales estimate is $2.16 billion and the lowest is $2.07 billion. Foot Locker reported sales of $2.03 billion in the same quarter last year, which indicates a positive year-over-year growth rate of 3.9%. The firm is scheduled to issue its next earnings results before the market opens on Friday, May 24th.

On average, analysts expect that Foot Locker will report full year sales of $8.33 billion for the current financial year, with estimates ranging from $8.10 billion to $8.73 billion. For the next fiscal year, analysts expect that the business will post sales of $8.53 billion, with estimates ranging from $8.09 billion to $8.90 billion. Zacks’ sales averages are an average based on a survey of sell-side analysts that that provide coverage for Foot Locker.

Foot Locker (NYSE:FL) last posted its quarterly earnings results on Friday, March 1st. The athletic footwear retailer reported $1.56 earnings per share for the quarter, topping the Thomson Reuters’ consensus estimate of $1.39 by $0.17. The firm had revenue of $2.27 billion for the quarter, compared to the consensus estimate of $2.18 billion. Foot Locker had a net margin of 6.81% and a return on equity of 21.92%. The company’s revenue for the quarter was up 2.8% on a year-over-year basis. During the same period last year, the firm posted $1.26 earnings per share.

Several equities analysts have recently weighed in on the stock. Telsey Advisory Group reissued an “outperform” rating and issued a $70.00 price target on shares of Foot Locker in a research note on Thursday, April 11th. Zacks Investment Research raised shares of Foot Locker from a “hold” rating to a “buy” rating and set a $62.00 price target on the stock in a research note on Monday, February 4th. B. Riley raised shares of Foot Locker from a “neutral” rating to a “buy” rating and raised their price target for the stock from $62.00 to $73.00 in a research note on Friday. Wedbush reissued an “outperform” rating and issued a $73.00 price target on shares of Foot Locker in a research note on Tuesday, March 26th. Finally, Credit Suisse Group raised their price target on shares of Foot Locker from $75.00 to $77.00 and gave the stock an “outperform” rating in a research note on Friday, March 29th. One equities research analyst has rated the stock with a sell rating, six have given a hold rating and fifteen have given a buy rating to the company’s stock. The company has a consensus rating of “Buy” and an average price target of $66.40.

In other Foot Locker news, CEO Richard A. Johnson sold 80,000 shares of Foot Locker stock in a transaction dated Wednesday, February 20th. The shares were sold at an average price of $60.01, for a total transaction of $4,800,800.00. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. 2.40% of the stock is owned by insiders.

Several institutional investors and hedge funds have recently made changes to their positions in FL. JPMorgan Chase & Co. lifted its stake in Foot Locker by 452.7% in the third quarter. JPMorgan Chase & Co. now owns 443,716 shares of the athletic footwear retailer’s stock worth $22,620,000 after acquiring an additional 363,439 shares during the last quarter. Neuberger Berman Group LLC purchased a new position in Foot Locker in the third quarter worth approximately $37,272,000. Vanguard Group Inc lifted its stake in Foot Locker by 0.7% in the third quarter. Vanguard Group Inc now owns 12,178,329 shares of the athletic footwear retailer’s stock worth $620,851,000 after acquiring an additional 85,314 shares during the last quarter. Nisa Investment Advisors LLC lifted its stake in Foot Locker by 22.2% in the fourth quarter. Nisa Investment Advisors LLC now owns 68,700 shares of the athletic footwear retailer’s stock worth $3,655,000 after acquiring an additional 12,500 shares during the last quarter. Finally, Empirical Finance LLC lifted its stake in Foot Locker by 55.4% in the fourth quarter. Empirical Finance LLC now owns 48,494 shares of the athletic footwear retailer’s stock worth $2,580,000 after acquiring an additional 17,280 shares during the last quarter. Institutional investors and hedge funds own 97.88% of the company’s stock.

NYSE:FL opened at $55.20 on Monday. The company has a current ratio of 3.30, a quick ratio of 1.63 and a debt-to-equity ratio of 0.05. The stock has a market capitalization of $6.20 billion, a PE ratio of 11.72, a price-to-earnings-growth ratio of 1.12 and a beta of 0.71. Foot Locker has a twelve month low of $43.34 and a twelve month high of $68.00.

Foot Locker declared that its Board of Directors has approved a share repurchase program on Wednesday, February 20th that permits the company to buyback $1.20 billion in outstanding shares. This buyback authorization permits the athletic footwear retailer to purchase up to 17.7% of its shares through open market purchases. Shares buyback programs are usually a sign that the company’s board of directors believes its shares are undervalued.

The company also recently announced a quarterly dividend, which was paid on Friday, May 3rd. Shareholders of record on Thursday, April 18th were paid a dividend of $0.38 per share. The ex-dividend date of this dividend was Wednesday, April 17th. This is an increase from Foot Locker’s previous quarterly dividend of $0.35. This represents a $1.52 dividend on an annualized basis and a yield of 2.75%. Foot Locker’s payout ratio is 32.27%.

Foot Locker Company Profile

Foot Locker, Inc, through its subsidiaries, operates as an athletic shoes and apparel retailer. The company operates in two segments, Athletic Stores and Direct-to-Customers. The Athletic Stores segment retails athletic footwear, apparel, accessories, and equipment under various formats, including Foot Locker, Kids Foot Locker, Lady Foot Locker, Champs Sports, Footaction, Runners Point, Sidestep, and SIX:02.

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Earnings History and Estimates for Foot Locker (NYSE:FL)

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