After handily beating analyst expectations for revenue and earnings in the third quarter, Foot Locker (NYSE: FL) is showing even more confidence. The footwear retailer increased its outlook for 2022 to a new range of $4.42 to $4.50, up from $4.25 to 4.45, citing "strong momentum." That's an encouraging move at a time when many companies are reducing guidance.
Foot Locker also posted same-store-sales growth of 0.8%, which may not sound like something to write home about, but it trounced analyst expectations calling for same-store sales to decline by more than 5%.
But if you think it's too late to invest in this turnaround story after all of this good news, it's not. Here's why Foot Locker's rally looks like it's just getting started.
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This Stock Is Surging After Impressive Earnings, and It Still Looks Like a Bargain