Customers walk by the Foot Locker store in Broomfield, Colorado in a slow shutter exposure November 17, 2016. REUTERS/Rick Wilking/File Photo
Foot Locker (FL.N) on Wednesday forecast a smaller-than-expected decline in fourth-quarter comparable sales, anticipating resilient consumer demand during the key holiday shopping season.
Foot Locker’s stock, which has lost about 40% of its value this year, was up about 12% in premarket trade.
Steep discounts have helped the footwear retailer rope in budget-conscious shoppers looking for deals on styles from Nike (NKE.N), On (ONON.N), Deckers Outdoors (DECK.N), Adidas, HOKA and UGG boots.
The company expects fourth-quarter comparable sales to decline between 7% and 9%, compared with analysts’ average expectation of a fall of 10.51%, as per LSEG data.
Reporting by Juveria Tabassum; Editing by Pooja Desai
