Why Foot Locker Shares Are Rising

Foot Locker Inc FL shares are trading higher by 4.8% to $17.78 during Friday's session. Shares of footwear and athletic apparel companies are trading higher in sympathy with Nike Inc NKE, which reported first-quarter results.

Why It Matters

Foot Locker is a major retailer of athletic footwear and apparel, and Nike is one of its key suppliers. When Nike performs well and reports strong earnings, it indicates that Foot Locker's supplier is thriving. This can boost investor confidence in Foot Locker's financial stability and the potential for continued strong sales of Nike products in its stores.

Positive earnings results for Nike may also suggest strong consumer demand for athletic footwear and apparel. Foot Locker, as a retailer specializing in these products, may benefit from increased sales as consumers seek out Nike and other brands in its stores.

What Happened With Nike Earnings?

Nike said fiscal first-quarter revenue increased 2% year-over-year to $12.939 billion, which missed the consensus estimate of $12.98 billion.

The athletic footwear and apparel company reported quarterly earnings of 94 cents per share, which beat analyst estimates of 74 cents per share...Read More

According to data from Benzinga Pro, Foot locker has a 52-week high of $47.22 and a 52-week low of $14.84.