Foot Locker News: Why FL Stock Is Surging 7% Today

Foot Locker (NYSE:FL) news for Monday concerning an update for the second quarter of 2020 have FL stock taking off.

The Foot Locker (FL) logo with a red hue

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A Foot Locker news release has the company providing financial expectations for its upcoming earnings report. That includes it looking for adjusted earnings per share between 66 cents and 70 cents. That will have it easily beating out Wall Street’s estimate of -60 cents per share for the quarter.

Foot Locker also notes that it saw comparable store sales for the second quarter of 2020 increase 18% year-over-year. While FL doesn’t provide a range for revenue, we know analysts’ are looking for $1.29 billion in Q2 2020.

Richard Johnson, chairman and CEO of Foot Locker, said this in the news release.

“In the midst of the COVID pandemic, our team delivered strong second-quarter results. As we continued to reopen stores throughout the quarter, we saw a strong customer response to our assortments, which we believe was aided by pent-up demand and the effect of fiscal stimulus. This fueled our in-store sales and also drove continued momentum across our digital channels.”

Foot Locker also notes that it isn’t providing guidance at this time. It attributes this decision to the novel coronavirus causing chaos for the economy. Many other companies are withholding outlooks during the pandemic.

Foot Locker will release its full Q2 earnings report before markets open on Aug. 21. It will also hold a conference call that same day at 9:00 a.m. Eastern Time.

FL stock was up 7.3% as of Monday afternoon.

As of this writing, William White did not hold a position in any of the aforementioned securities.


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