Zacks: Brokerages Expect Foot Locker, Inc. (NYSE:FL) Will Announce Quarterly Sales of $1.81 Billion

Analysts expect Foot Locker, Inc. (NYSE:FL) to announce $1.81 billion in sales for the current quarter, Zacks reports. Eight analysts have made estimates for Foot Locker’s earnings. The lowest sales estimate is $1.73 billion and the highest is $1.85 billion. Foot Locker reported sales of $1.78 billion in the same quarter last year, which would suggest a positive year-over-year growth rate of 1.7%. The company is expected to issue its next earnings report on Friday, August 23rd.

On average, analysts expect that Foot Locker will report full year sales of $8.20 billion for the current financial year, with estimates ranging from $8.11 billion to $8.33 billion. For the next financial year, analysts expect that the business will post sales of $8.43 billion, with estimates ranging from $8.06 billion to $8.61 billion. Zacks’ sales averages are a mean average based on a survey of sell-side analysts that cover Foot Locker.

Foot Locker (NYSE:FL) last announced its quarterly earnings data on Friday, May 24th. The athletic footwear retailer reported $1.53 earnings per share for the quarter, missing the Thomson Reuters’ consensus estimate of $1.61 by ($0.08). The firm had revenue of $2.08 billion during the quarter, compared to analyst estimates of $2.11 billion. Foot Locker had a net margin of 6.86% and a return on equity of 21.74%. The company’s quarterly revenue was up 2.6% compared to the same quarter last year. During the same quarter last year, the company earned $1.45 EPS.

FL has been the subject of several recent research reports. B. Riley upped their price target on Foot Locker from $57.00 to $62.00 and gave the company a “neutral” rating in a report on Monday, March 4th. Citigroup raised their price target on Foot Locker from $63.00 to $72.00 and gave the stock a “buy” rating in a research report on Wednesday, March 6th. Barclays lifted their price target on Foot Locker to $85.00 and gave the company an “overweight” rating in a research note on Monday, March 4th. Robert W. Baird lifted their target price on Foot Locker from $65.00 to $77.00 and gave the company an “outperform” rating in a research report on Monday, March 4th. They noted that the move was a valuation call. Finally, Wedbush lifted their price target on Foot Locker from $67.00 to $73.00 and gave the stock an “outperform” rating in a report on Monday, March 4th. Two research analysts have rated the stock with a sell rating, four have given a hold rating and fifteen have issued a buy rating to the stock. Foot Locker has an average rating of “Buy” and an average target price of $67.26.

FL opened at $41.81 on Wednesday. The stock has a market cap of $4.64 billion, a PE ratio of 8.88, a P/E/G ratio of 0.85 and a beta of 1.00. Foot Locker has a 52-week low of $39.06 and a 52-week high of $68.00. The company has a quick ratio of 1.07, a current ratio of 2.01 and a debt-to-equity ratio of 1.11.

Foot Locker declared that its board has initiated a stock buyback program on Wednesday, February 20th that allows the company to repurchase $1.20 billion in shares. This repurchase authorization allows the athletic footwear retailer to buy up to 17.7% of its stock through open market purchases. Stock repurchase programs are usually a sign that the company’s board believes its stock is undervalued.

The business also recently declared a quarterly dividend, which will be paid on Friday, August 2nd. Shareholders of record on Friday, July 19th will be paid a $0.38 dividend. The ex-dividend date is Thursday, July 18th. This represents a $1.52 annualized dividend and a yield of 3.64%. Foot Locker’s dividend payout ratio is currently 32.27%.

Hedge funds have recently made changes to their positions in the company. Norges Bank acquired a new stake in Foot Locker in the 4th quarter worth about $82,441,000. Man Group plc increased its holdings in Foot Locker by 1,418.5% during the 1st quarter. Man Group plc now owns 1,582,415 shares of the athletic footwear retailer’s stock worth $95,895,000 after purchasing an additional 1,478,204 shares during the last quarter. LSV Asset Management increased its holdings in shares of Foot Locker by 23.5% in the 1st quarter. LSV Asset Management now owns 4,199,887 shares of the athletic footwear retailer’s stock valued at $254,513,000 after acquiring an additional 798,850 shares during the last quarter. MERIAN GLOBAL INVESTORS UK Ltd bought a new stake in shares of Foot Locker in the 1st quarter valued at approximately $40,444,000. Finally, Boston Partners boosted its position in Foot Locker by 4,890.3% during the 1st quarter. Boston Partners now owns 613,310 shares of the athletic footwear retailer’s stock valued at $37,167,000 after purchasing an additional 601,020 shares during the period. Institutional investors and hedge funds own 99.53% of the company’s stock.

About Foot Locker

Foot Locker, Inc, through its subsidiaries, operates as an athletic shoes and apparel retailer. The company operates in two segments, Athletic Stores and Direct-to-Customers. The Athletic Stores segment retails athletic footwear, apparel, accessories, and equipment under various formats, including Foot Locker, Kids Foot Locker, Lady Foot Locker, Champs Sports, Footaction, Runners Point, Sidestep, and SIX:02.

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