Headlines

Foot Locker Stocks Surge

Trimming slow inventory, introducing premium goods pays off

Published

6 years ago

May 29, 2018

kmpeyton

Foot Locker Inc. (New York) posted profits and sales that exceeded expectations this past quarter, and this past Friday (May 25), its stocks jumped more than it has in six months.

The athletic footwear brand’s strong performance is being credited to improving its flow of premium goods from its top vendors and clearing out underperforming products. The brand shrunk its inventories by 5.4 percent this quarter compared to last year.

On Friday its stocks advanced as much 15 percent to $53.36, reports Bloomberg, the largest intraday gain for the company since mid-November. Prior to the gain, its stock had dropped roughly 1 percent this year. Lauren Peters, Foot Locker’s CFO, said in a conference with analyst that gross margins should improve by 20 to 50 points this quarter.

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