NKE - Foot Locker Shows It's Headed In The Right Direction With Its Turnaround Plan | Benzinga
On Thursday, Foot Locker (NYSE: FL) showed its turnaround plan is working as it posted better-than-expected comparable sales, with shares surging 15% upon the release of its May quarter report. Although the footwear retailer is still in the black, its financials are declining at a slower rate.
Fiscal First Quarter Highlights
For the quarter ended on May 4th, revenue contracted about 3% YoY to $1.88 billion, in line with LSEG’s estimate. Net income plunged 78% to $8 million, or 9 cents per share. Adjusted earnings that exclude restructuring and other one-time items, amounted to 22 cents, surpassing LSEG’s estimate of 12 cents per share. Comparable sales declined only 1.8%, which is much better than StreetAccount’s 3.1% estimate, allowing CEO May Dillon to tout the progress of its turnaround plan. Moreover, as average selling prices increased during the quarter, ...