Foot Locker (FL.US) stock rose sharply on Friday after the apparel and footwear retailer reported better than expected quarterly figures and lifted its full-year financial guidance due to unexpected rise in comparable store sales.
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Company earned p $1.27 per share, well above analysts’ estimates of $1.11 that Wall Street
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Revenue fell 0.7% to $2.17 billion but topped market expectations of $2.09 billion
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Same-store sales jumped 0.8% YoY, while analysts expected a 6% decline
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Foot Locker lifted its financial outlook. Full-year sales are expected to decline 4% to 5%, compared to previous forecasts of a 6% to 7% decline. The EPS range is $4.42 to $4.50, compared to $4.25 to $4.45.
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“While the macroeconomic environment remains uncertain, our demand trends and inventory position in high-quality products gives us confidence we can achieve our new range,” said Chief Financial Officer Andrew Page.
Foot Locker (FL.US) stock briefly rose nearly 18.0% during today's session, however buyers failed to uphold momentum in the evening and a large chunk of gains have been erased. Pullback occurred after as bulls did not manage to break above key resistance at $39.10, which is marked with previous price reactions, long-term downward trendline and 50.05 Fibonacci retracement of the upward wave launched in March 2020. Nearest support to watch lies at $32.90 and coincides with 61.8% retracement. Source: xStation5
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