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Investing.com — Given Foot Locker (NYSE:FL)’s surprise profit expected for the second quarter, Americans should be coming out of this coronavirus mess in much better shape.
Foot Locker rose 8.3% on Monday after saying comparable store sales increased about 18% for the second quarter ended Aug. 1. GAAP earnings per share should come in at between 38 cents and 42 cents, with non-GAAP EPS between 66 cents and 70 cents. Analysts had been expecting a loss of 60 cents per share for the quarter.
Nike (NYSE:NKE) rose 4.6%, Under Armour (NYSE:UA) was up 3.8% and Skechers jumped 4.9%.
The company cited “strong customer response” after reopening stores throughout the quarter, spurred by pent-up demand and the fiscal stimulus.
Shares are still down more than 20% in 2020, and are trading at around $29.75. The stock has five buy ratings, seven holds and one sell, with an average price target of $30.25, according to analysts followed by Investing.com.
Second quarter earnings will be reported in full on Aug. 21 before the market opens.
