UBS Ups Foot Locker (FL) PT to $76
Get Alerts FL Hot Sheet
Rating Summary:
16 Buy, 21 Hold, 4 Sell
Rating Trend: Up
Today's Overall Ratings:
Up: 0 | Down: 0 | New: 0
Join SI Premium – FREE
UBS analyst, Michael Binetti, reiterated his Buy rating on shares of Foot Locker (NYSE: FL) as SSS reaccelerated in 2Q and August-to-Date comps are solid up mid single digits. Unlike many other retailers in 2Q, FL reported positive US traffic. Total FL SSS were up +4.7% (including a ~10-30bp drag from the 34th St Flagship closure for remodel—reopening in 3Q).
By category: footwear +MSD (running +MSD, basketball +MSD, casual +HSD), apparel mixed (men’s +MSD, Kids +DD, women’s "challenged"). Footwear ASPs and units were both up YOY, with apparel ASPs up/units down. FL also reported Aug-to-date SSS +MSD (in line with expectations)—but said it will not provide current trends going forward (which could remove some shortterm stock volatility on future quarters).
GMs were +35bp (driven by less promotion in store, offset by more promos online to combat weak traffic—particularly at Eastbay, which seemed to slow amid The Sports Authority liquidation in the quarter).
The price target of $76.00 is up from $69.00.
For an analyst ratings summary and ratings history on Foot Locker click here. For more ratings news on Foot Locker click here.
Shares of Foot Locker closed at $68.49 yesterday.
Serious News for Serious Traders! Try StreetInsider.com Premium Free!
You May Also Be Interested In
- BTIG Reiterates Neutral Rating on Foot Locker (FL)
- Walt Disney (DIS) PT Raised to $145 at Needham
- Hennes & Mauritz AB (HMB:SS) (HNNMY) PT Raised to SEK190 at RBC Capital, 'showing some promising signs '
Create E-mail Alert Related Categories
Analyst Comments, Analyst PT ChangeRelated Entities
UBSSign up for StreetInsider Free!
Receive full access to all new and archived articles, unlimited portfolio tracking, e-mail alerts, custom newswires and RSS feeds - and more!