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

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

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

Foot Locker's shares cratered 15% to below $60, which is 24% below the 52 week high at close to $80. Foot Locker's revenue for the quarter was up.7% compared to the same quarter a year ago. The company has earned $180 million, or $1.36 a share in the quarter, compared with $191 million, or $1.39 a share for the same period previous year.

04/21/2017 - Foot Locker, Inc. had its "market perform" rating reiterated by analysts at Cowen. The company has a 50 day moving average of $74.49 and a 200-day moving average of $72.82.

Technology and energy companies rose more than the rest of the market.

On 11/16/2016 announced a quarterly dividend of $0.28 1.54% with an ex dividend date of 1/11/2017 which will be payable on 1/13/2017. Foot Locker's payout ratio is 23.71%.

TRADEMARK VIOLATION WARNING: This piece was published by The Cerbat Gem and is the sole property of of The Cerbat Gem. If you are viewing this news story on another publication, it was copied illegally and reposted in violation of United States & worldwide copyright & trademark legislation. 'In addition, the tight inventory discipline we have maintained over the last several years is serving us well now, because even with first quarter sales that ran below expectations, we believe our inventory is still well positioned to drive improved top line results over the balance of the year.

Foot Locker shares have decreased roughly 1 percent since the beginning of the year. Zacks Investment Research's sales averages are a mean average based on a survey of analysts that cover Foot Locker. Wedbush restated an "outperform" rating and issued a $83.00 target price on shares of Foot Locker in a research note on Wednesday.

The company's cash flows and earnings have risen steadily over the last years, and yet the company's shares cratered after missing estimates just slightly.

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Foot Locker's revenues were up 0.5%, which is a lot better than what we have seen from most other retailers over the last weeks. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. And the values below 20 that it is oversold indicate prices could very well bounce upwards.

Since Foot Locker's cash flows have been trending up (along with earnings), and due to the fact that the company holds a big net cash position, I believe investors will continue to receive attractive shareholder returns from the company, in the form of dividends as well as by stock buybacks. The disclosure for this sale can be found here. Insiders sold a total of 35,000 shares of company stock valued at $2,686,090 in the last 90 days. Institutional investors and hedge funds own 95.30% of the company's stock.

In the first quarter, Johnson said Foot Locker did not have enough of some of the "hottest" brands in stock for kids, blaming vendors. Can now owns 119,219 shares of the textile maker's stock worth $8,065,000 after buying an additional 4,177 shares during the last quarter.

Recent Trading for Foot Locker, Inc. This was up from $7.11 billion past year. Todd Asset Management LLC boosted its position in shares of Foot Locker by 46.1% in the third quarter.

FL stock has been pretty much flat this year, down less than 1%.

InvestorPlace contributor Hilary Kramer last month wrote that "plenty of retail chains aren't posting any comparable sales growth, are closing stores, are watching earnings contract, and so on".

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