Foot Locker Shares Up 15% Since Q2 Earnings Announcement

Foot Locker, Inc. (NYSE:FL) shares rose around 15% since the company’s reported Q2 results last week. Quarterly EPS came in at $1.10, better than the Street estimate of $0.85. Revenue was $2.07 billion, compared to the Street estimate of $2.08 billion.

The company saw sales trends "pick up meaningfully" in the back half of July, particularly in early back-to-school markets.

The company expects full 2022-year EPS to be in the range of $4.25-$4.45, compared to the prior range of $4.25-$4.60. Full-year revenue is expected to be down 6-7%, compared to the prior range of 4-6%. The change in guidance largely stems from the uncertain macro environment, higher markdowns, and pressure from labor/wage inflation.