Foot Locker’s same-store sales from footwear rose in the three months ended 3 November, after falling for six consecutive quarters…
At the time of writing its share price was up 16.4 per cent at $53.72, having climbed by as much as 20 per cent earlier in the day.
Wedbush Securities analyst Christopher Svezia said: “Foot Locker’s position continues to improve and it remains a top destination for sneaker-heads and a strong partner for multiple brands, including Nike.”
Nike’s own resurgent shoe sales, especially of Air Max shoes, is benefiting Foot Locker, Jefferies analyst Janine Stichter said:
“While we don’t see the case around (Nike’s) push toward a consumer direct strategy going away just yet, we do think that (Foot Locker’s) commentary around the strength of their relationship with Nike should help to quell some fears.”