Foot Locker (NYSE:FL)(FL - $53.20 – NYSE) is the largest footwear specialty retailer. Driven by an ongoing turnaround at Nike and improved store tra c trends, Foot Locker posted better than expected earnings during the fourth quarter that were underpinned by its best same-store sales growth in seven quarters. Foot Locker also telegraphed better same-store sales from here, guiding to likely higher same-store sales in the next quarter, and announced that two laggards within the company – basketball shoes and its European operations – have seen improved performance. Investors anticipated a better report from Foot Locker, prompting shares to rally even before the company released its earnings report in the middle of the quarter.
From Keeley Funds' Mid-Cap Value Fund fourth-quarter 2018 commentary.
