Barron's Article Comments on Foot Locker (FL); Sees Shares Moving to $15 if Climate Improves
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Barron's article comments on Foot Locker (NYSE: FL).
Positive Highlights From The Article Include:
1) CEO cut costs, lowered inventory, closed underperforming stores and solidified balance sheet.
2) Price/earnings multiple is trading lower than competitors like Finish Line (Nasdaq: FINL) and Dick's Sporting Goods (NYSE: DKS).
3) FL is Nike's (NYSE: NKE) main retail outlet for basketball shoes.
4) Offers customers access to products that competitors don't have.
5) Susquehanna recently upgraded the stock to Positive (Buy)
Negative Highlights From The Article Include:
1) Same-store sales (open at least 1 year) have been on the decline since 2006, as casual shoes became a bigger fashion trend.
2) CEO to retire in January.
3) Predicting fashion trends is tricky and Nike pulled some marquee products after dispute with FL over advertising practices.
4) Buckingham Research analyst makes negative comments on the company, saying higher multiple isn't warranted for company posting negative same-store sales growth for the past 3 years.
Foot Locker, Inc. is a global retailer of athletic footwear and apparel, which operated 3,641 primarily mall-based stores in the United States, Canada, Europe, Australia and New Zealand as of January 31, 2009. [SM]
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