According to Sterne Agee, Foot Locker FL estimates are maintained.
Sterne Agee said that it is estimating EPS of $0.49 versus $0.34 LY and FC of $0.44. “We are modeling a SSS increase of 6.0% (vs. 4.8% LY), on revenue of $1,354.9M (+5.8% y/y), with GM of 32.3%, (+160 bps y/y). FL guided to FY11 SSS up LSDMSD and believes that 1Q11 SSS will be better than the FY guidance due to the shift of some sales from January to February due to inclement weather and incremental product launches from Brand Jordan (NKE-$86.26-Buy). We believe FL will benefit from having a newly updated assortment of technical and lightweight running from Nike, Reebok, Asics, Adidas and New Balance and we expect the momentum in marquee basketball sales from Nike, Adidas and Reebok to continue.”
Foot Locker closed yesterday at $22.91.
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Posted In: Analyst ColorAnalyst RatingsApparel RetailConsumer Discretionaryfoot locker incSterne Agee
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