Foot Locker tanks 16% on weak earnings as sneaker sales lag

Foot Locker sank 11% in premarket trading

Foot Locker sank 11% in premarket trading

Wedbush's price objective points to a potential upside of 17.81% from the company's previous close.

Foot Locker Inc (NYSE:FL) institutional sentiment increased to 1.09 in Q4 2016. Wells Fargo initiated the shares of FL in report on Thursday, November 19 with "Outperform" rating. Piper Jaffray Companies set a $76.00 price objective on Foot Locker and gave the stock a "hold" rating in a report on Friday, February 24th. Canaccord Genuity reissued a "buy" rating and issued a $83.00 price target on shares of Foot Locker in a research note on Monday, January 23rd. (NASDAQ:CREE), 3 have Buy rating, 1 Sell and 10 Hold.

Best Buy delivered an average positive earnings surprise of 27.7% over the trailing four quarters and has a long-term earnings growth rate of 10.8%. (NYSE:FL). Northern Tru Corporation holds 1.62 million shares or 0.04% of its portfolio. The company has a market cap of $9.30 billion, a price-to-earnings ratio of 14.43 and a beta of 0.57. Foot Locker, Inc. has a 52-week low of 50.90 and a 52-week high of 79.43.

Foot Locker (FL) blamed delayed income tax returns for sluggish sales early in Q1 that weren't made up later in the quarter and reported results that missed forecasts. The average EPS estimate of 13 Wall Street analysts is $1.38 per share, compared to the company's reported EPS of $1.39 per share in the year-ago quarter. Foot Locker was Friday's biggest decliner in the Standard & Poor's 500 Index by a wide margin. While the aforementioned estimate would lead to 1% year-over-year (YoY) surge in revenues, it would allow the $9.12 billion company's top line to shrink 3.81% quarter-over-quarter (QoQ). Foot Locker's revenue was up 5.3% compared to the same quarter past year. Total expenses were 86.61 percent of quarterly revenues, up from 85.10 percent for the same period past year.

The firm also recently announced a quarterly dividend, which will be paid on Friday, July 28th. The ex-dividend date of this dividend was Tuesday, April 11th. This represents a $1.24 annualized dividend and a dividend yield of 1.75%.

Reema Lagoo dies of cardiac arrest
In an official statement, Tawde said, "She had played a variety of roles in Marathi and Hindi movies for a long tenure". Lagoo was popular for playing spirited characters on TV shows like " Shrimaan Shrimati " and " Tu Tu Main Main ".

Ratings analysis reveals 74% of Foot Locker Inc.'s analysts are positive.

The current consensus rating for Foot Locker, Inc. (NYSE:FL). First Retail Bank Of Omaha has 24,819 shares. If you are viewing this piece on another site, it was illegally copied and republished in violation of United States and worldwide copyright & trademark law. Foot Locker CFO Lauren Peters says that the company is working aggressively to implement opportunities that will lower its expenses. In the past three months the stock value surged 1.13%. During the session shares stayed in the range from $72.59 to $70.72. The transaction was disclosed in a filing with the SEC, which is available through this hyperlink. The firm owned 4,600 shares of the textile maker's stock after selling 920 shares during the period. The shares were sold at an average price of $74.50, for a total value of $596,000.00. Following the transaction, the senior vice president now owns 36,641 shares of the company's stock, valued at approximately $2,729,754.50. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 35,000 shares of company stock worth $2,686,090. Foot Locker first-quarter net plunged 6% to $180 million. Nordea Investment Management AB now owns 2,956,033 shares of the textile maker's stock worth $200,183,000 after buying an additional 84,619 shares during the period.

Investors may consider better-ranked stocks such as The Children's Place, Inc. The stock has "Buy" rating by Citigroup on Monday, August 22.

Foot Locker shares have decreased roughly 1 percent since the beginning of the year. Argus Research initiated the stock with "Buy" rating in Thursday, October 8 report. State of Alaska Department of Revenue increased its stake in shares of Foot Locker by 6.1% in the third quarter.

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