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Foot Locker

Foot Locker Inc operates thousands of retail stores throughout the United States, Canada, Europe, Asia, Australia, and New Zealand. It also has a presence in the Middle East. The company mainly sells athletically inspired shoes and apparel. Foot Locker's merchandise comes from only a few suppliers, with Nike providing the majority. Its portfolio of brands, includes Foot Locker, Kids Foot Locker, Champs Sports, WSS, and atmos. The company has omnichannel capabilities to bridge the digital world and physical stores, including order-in-store, buy online and pickup-in-store, and buy online and ship-from-store, as well as e-commerce. It has three operating segments, North America, EMEA, and Asia Pacific.

Foot Locker Inc

FARM LANDS OF AFRICA by Farm Lands of Africa, Inc.

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Morgan Stanley analyst Alex Straton maintains Foot Locker (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/FL#NYSE">FL</a>) with a Underweight and lowers the price target from $17 to $16.

News

Price Target

Analyst Ratings

Morgan Stanley Maintains Underweight on Foot Locker, Lowers Price Target to $16

This whale alert can help traders discover the next big trading opportunities.
Whales are entities with large sums of money and we track their transactions here at Benzinga on our options activity scanner.
Traders often look for circumstances when the market estimation of an option diverges away from its normal worth. Abnormal amounts of trading activity could push option prices to hyperbolic or underperforming levels. 
Here's the list of options activity happening in today's session: 
<table>
<thead>
<tr>
<th>Symbol</th>
<th>PUT/CALL</th>
<th>Trade Type</th>
<th>Sentiment</th>
<th>Exp. Date</th>
<th>Strike Price</th>
<th>Total Trade Price</th>
<th>Open Interest</th>
<th>Volume</th>
</tr>
</thead>
<tbody>
<tr>
<td>TSLA</td>
<td>CALL</td>
<td>SWEEP</td>
<td>BULLISH</td>
<td>12/06/24</td>
<td>$375.00</td>
<td>$33.0K</td>
<td>19.0K</td>
<td>144.6K</td>
</tr>
<tr>
<td>BABA</td>
<td>CALL</td>
<td>SWEEP</td>
<td>BEARISH</td>
<td>12/19/25</td>
<td>$75.00</td>
<td>$27.9K</td>
<td>5.1K</td>
<td>2.6K</td>
</tr>
<tr>
<td>AMZN</td>
<td>CALL</td>
<td>SWEEP</td>
<td>BULLISH</td>
<td>12/06/24</td>
<td>$205.00</td>
<td>$25.6K</td>
<td>8.6K</td>
<td>1.5K</td>
</tr>
<tr>
<td>EXPE</td>
<td>PUT</td>
<td>TRADE</td>
<td>BULLISH</td>
<td>12/13/24</td>
<td>$182.50</td>
<td>$37.4K</td>
<td>49</td>
<td>1.2K</td>
</tr>
<tr>
<td>BBWI</td>
<td>CALL</td>
<td>SWEEP</td>
<td>BULLISH</td>
<td>01/17/25</td>
<td>$37.50</td>
<td>$109.1K</td>
<td>2.5K</td>
<td>648</td>
</tr>
<tr>
<td>LULU</td>
<td>CALL</td>
<td>SWEEP</td>
<td>BULLISH</td>
<td>01/17/25</td>
<td>$350.00</td>
<td>$62.7K</td>
<td>1.4K</td>
<td>298</td>
</tr>
<tr>
<td>SBUX</td>
<td>PUT</td>
<td>SWEEP</td>
<td>BULLISH</td>
<td>02/21/25</td>
<td>$95.00</td>
<td>$59.0K</td>
<td>495</td>
<td>284</td>
</tr>
<tr>
<td>GAP</td>
<td>CALL</td>
<td>SWEEP</td>
<td>BEARISH</td>
<td>01/17/25</td>
<td>$24.00</td>
<td>$65.4K</td>
<td>4.0K</td>
<td>275</td>
</tr>
<tr>
<td>BROS</td>
<td>CALL</td>
<td>TRADE</td>
<td>BULLISH</td>
<td>01/17/25</td>
<td>$35.00</td>
<td>$227.9K</td>
<td>1.0K</td>
<td>108</td>
</tr>
<tr>
<td>FL</td>
<td>CALL</td>
<td>TRADE</td>
<td>NEUTRAL</td>
<td>06/20/25</td>
<td>$20.00</td>
<td>$25.8K</td>
<td>323</td>
<td>80</td>
</tr>
</tbody>
</table>

<h2>Explanation</h2>
These itemized elaborations have been created using the accompanying table. 
• For TSLA (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/TSLA#NASDAQ">TSLA</a>), we notice a call option sweep that happens to be bullish, is expiring today. Parties traded 301 contract(s) at a $375.00 strike. This particular call needed to be split into 19 different trades to become filled. The total cost received by the writing party (or parties) was $33.0K, with a price of $110.0 per contract. There were 19032 open contracts at this strike prior to today, and today 144650 contract(s) were bought and sold. 
• Regarding BABA (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/BABA#NYSE">BABA</a>), we observe a call option sweep with bearish sentiment. It expires in 378 day(s) on December 19, 2025. Parties traded 14 contract(s) at a $75.00 strike. This particular call needed to be split into 6 different trades to become filled. The total cost received by the writing party (or parties) was $27.9K, with a price of $1997.0 per contract. There were 5133 open contracts at this strike prior to today, and today 2669 contract(s) were bought and sold. 
• For AMZN (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/AMZN#NASDAQ">AMZN</a>), we notice a call option sweep that happens to be bullish, is expiring today. Parties traded 13 contract(s) at a $205.00 strike. This particular call needed to be split into 3 different trades to become filled. The total cost received by the writing party (or parties) was $25.6K, with a price of $1975.0 per contract. There were 8625 open contracts at this strike prior to today, and today 1584 contract(s) were bought and sold. 
• For EXPE (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/EXPE#NASDAQ">EXPE</a>), we notice a put option trade that happens to be bullish, expiring in 7 day(s) on December 13, 2024. This event was a transfer of 986 contract(s) at a $182.50 strike. The total cost received by the writing party (or parties) was $37.4K, with a price of $38.0 per contract. There were 49 open contracts at this strike prior to today, and today 1202 contract(s) were bought and sold. 
• For BBWI (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/BBWI#NYSE">BBWI</a>), we notice a call option sweep that happens to be bullish, expiring in 42 day(s) on January 17, 2025. This event was a transfer of 642 contract(s) at a $37.50 strike. This particular call needed to be split into 52 different trades to become filled. The total cost received by the writing party (or parties) was $109.1K, with a price of $170.0 per contract. There were 2598 open contracts at this strike prior to today, and today 648 contract(s) were bought and sold. 
• Regarding LULU (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/LULU#NASDAQ">LULU</a>), we observe a call option sweep with bullish sentiment. It expires in 42 day(s) on January 17, 2025. Parties traded 10 contract(s) at a $350.00 strike. This particular call needed to be split into 3 different trades to become filled. The total cost received by the writing party (or parties) was $62.7K, with a price of $6274.0 per contract. There were 1426 open contracts at this strike prior to today, and today 298 contract(s) were bought and sold. 
• Regarding SBUX (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/SBUX#NASDAQ">SBUX</a>), we observe a put option sweep with bullish sentiment. It expires in 77 day(s) on February 21, 2025. Parties traded 200 contract(s) at a $95.00 strike. This particular put needed to be split into 18 different trades to become filled. The total cost received by the writing party (or parties) was $59.0K, with a price of $296.0 per contract. There were 495 open contracts at this strike prior to today, and today 284 contract(s) were bought and sold. 
• For GAP (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/GAP#NYSE">GAP</a>), we notice a call option sweep that happens to be bearish, expiring in 42 day(s) on January 17, 2025. This event was a transfer of 264 contract(s) at a $24.00 strike. This particular call needed to be split into 6 different trades to become filled. The total cost received by the writing party (or parties) was $65.4K, with a price of $248.0 per contract. There were 4085 open contracts at this strike prior to today, and today 275 contract(s) were bought and sold. 
• For BROS (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/BROS#NYSE">BROS</a>), we notice a call option trade that happens to be bullish, expiring in 42 day(s) on January 17, 2025. This event was a transfer of 107 contract(s) at a $35.00 strike. The total cost received by the writing party (or parties) was $227.9K, with a price of $2130.0 per contract. There were 1043 open contracts at this strike prior to today, and today 108 contract(s) were bought and sold. 
• Regarding FL (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/FL#NYSE">FL</a>), we observe a call option trade with neutral sentiment. It expires in 196 day(s) on June 20, 2025. Parties traded 50 contract(s) at a $20.00 strike. The total cost received by the writing party (or parties) was $25.8K, with a price of $517.0 per contract. There were 323 open contracts at this strike prior to today, and today 80 contract(s) were bought and sold. 
Options Alert Terminology 
 - Call Contracts: The right to buy shares as indicated in the contract. 
 - Put Contracts: The right to sell shares as indicated in the contract. 
 - Expiration Date: When the contract expires. One must act on the contract by this date if one wants to use it. 
 - Premium/Option Price: The price of the contract. 
For more information, visit our <a href="https://pro.benzinga.com/blog/how-to-understand-option-alerts/">Guide to Understanding Options Alerts</a> or read <a href="https://www.benzinga.com/markets/options">more news on unusual options activity</a>. 
This article was generated by Benzinga's automated content engine and reviewed by an editor.

Options

AMZN

BABA

BBWI

BROS

EXPE

LULU

SBUX

TSLA

10 Consumer Discretionary Stocks With Whale Alerts In Today's Session

Barclays analyst Adrienne Yih maintains Foot Locker (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/FL#NYSE">FL</a>) with a Overweight and lowers the price target from $34 to $29.

Barclays Maintains Overweight on Foot Locker, Lowers Price Target to $29

Goldman Sachs analyst Kate McShane maintains Foot Locker (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/FL#NYSE">FL</a>) with a Sell and lowers the price target from $25 to $22.

Goldman Sachs Maintains Sell on Foot Locker, Lowers Price Target to $22

UBS analyst Jay Sole maintains Foot Locker (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/FL#NYSE">FL</a>) with a Neutral and lowers the price target from $26 to $22.

UBS Maintains Neutral on Foot Locker, Lowers Price Target to $22

Guggenheim analyst Robert Drbul maintains Foot Locker (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/FL#NYSE">FL</a>) with a Buy and lowers the price target from $34 to $28.

Guggenheim Maintains Buy on Foot Locker, Lowers Price Target to $28

Baird analyst Jonathan Komp maintains Foot Locker (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/FL#NYSE">FL</a>) with a Neutral and lowers the price target from $27 to $24.

Baird Maintains Neutral on Foot Locker, Lowers Price Target to $24

Telsey Advisory Group analyst Cristina Fernandez maintains Foot Locker (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/FL#NYSE">FL</a>) with a Market Perform and lowers the price target from $30 to $24.

Telsey Advisory Group Maintains Market Perform on Foot Locker, Lowers Price Target to $24

<h3>Gainers</h3>
<ul>
<li>SRM Entertainment (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/SRM#NASDAQ">SRM</a>) shares increased by 123.8% to $1.41 during Wednesday's pre-market session. The market value of their outstanding shares is at $19.5 million. </li>
<li>SRIVARU Holding (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/SVMH#NASDAQ">SVMH</a>) stock increased by 41.36% to $0.03. The company's market cap stands at $17.0 million. </li>
<li>Adtalem Glb Education (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/ATGE#NYSE">ATGE</a>) shares rose 29.5% to $117.59. The market value of their outstanding shares is at $4.4 billion. </li>
<li>Cango (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/CANG#NYSE">CANG</a>) shares moved upwards by 15.8% to $4.69. The market value of their outstanding shares is at $489.4 million. </li>
<li>ECD Automotive Design (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/ECDA#NASDAQ">ECDA</a>) stock rose 12.24% to $1.1. The market value of their outstanding shares is at $38.1 million. </li>
<li>Golden Sun Health (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/GSUN#NASDAQ">GSUN</a>) shares moved upwards by 12.2% to $3.31. The company's market cap stands at $6.5 million. </li>
</ul>
<h3>Losers</h3>
<ul>
<li>Torrid Holdings (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/CURV#NYSE">CURV</a>) stock decreased by 27.9% to $3.3 during Wednesday's pre-market session. The company's market cap stands at $345.4 million. As per the news, the Q3 earnings report came out yesterday. </li>
<li>Cheetah Net Supply Chain (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/CTNT#NASDAQ">CTNT</a>) stock decreased by 18.0% to $4.01. The market value of their outstanding shares is at $10.0 million. </li>
<li>Foot Locker (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/FL#NYSE">FL</a>) stock declined by 15.77% to $20.36. The market value of their outstanding shares is at $1.9 billion. As per the press release, Q3 earnings came out today. </li>
<li>Gaotu Techedu (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/GOTU#NYSE">GOTU</a>) stock fell 13.43% to $2.58. The market value of their outstanding shares is at $669.6 million. The company's, Q3 earnings came out today. </li>
<li>Chewy (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/CHWY#NYSE">CHWY</a>) stock decreased by 7.38% to $31.14. The market value of their outstanding shares is at $12.7 billion. As per the press release, Q3 earnings came out today. </li>
<li>Noodles (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/NDLS#NASDAQ">NDLS</a>) shares fell 6.35% to $0.7. The market value of their outstanding shares is at $31.9 million. 
See Also: <a href="http://www.benzinga.com/money/best-consumer-cyclical-stocks/" title="www.benzinga.com/money/best-consumer-cyclical-stocks/">www.benzinga.com/money/best-consumer-cyclical-stocks/</a></li>
</ul>
This article was generated by Benzinga's automated content engine and reviewed by an editor.

Movers

Adtalem Global Education Inc. Common Stock

ATGE

CANG

CHWY

CTNT

CURV

ECDA

GSX Techedu Inc. American Depositary Shares

GOTU

GSUN

NDLS

SVMH

12 Consumer Discretionary Stocks Moving In Wednesday's Pre-Market Session

Financial giants have made a conspicuous bullish move on Foot Locker. Our analysis of options history for Foot Locker (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/FL#NYSE">FL</a>) revealed 12 unusual trades.
Delving into the details, we found 50% of traders were bullish, while 33% showed bearish tendencies. Out of all the trades we spotted, 10 were puts, with a value of $689,698, and 2 were calls, valued at $82,650.
<h3>Projected Price Targets</h3>
Taking into account the Volume and Open Interest on these contracts, it appears that whales have been targeting a price range from $20.5 to $32.0 for Foot Locker over the last 3 months. 
<h3>Volume &amp; Open Interest Development</h3>
In today's trading context, the average open interest for options of Foot Locker stands at 1029.0, with a total volume reaching 8,092.00. The accompanying chart delineates the progression of both call and put option volume and open interest for high-value trades in Foot Locker, situated within the strike price corridor from $20.5 to $32.0, throughout the last 30 days.
<h3>Foot Locker Option Volume And Open Interest Over Last 30 Days</h3>
<img src="https://www.benzinga.com/files/images/story/2024/1733323851_0.png" alt="Options Call Chart" />
<h3>Largest Options Trades Observed:</h3>

<table>
<thead>
<tr>
<th>Symbol</th>
<th>PUT/CALL</th>
<th>Trade Type</th>
<th>Sentiment</th>
<th>Exp. Date</th>
<th>Ask</th>
<th>Bid</th>
<th>Price</th>
<th>Strike Price</th>
<th>Total Trade Price</th>
<th>Open Interest</th>
<th>Volume</th>
</tr>
</thead>
<tbody>
<tr>
<td>FL</td>
<td>PUT</td>
<td>SWEEP</td>
<td>BULLISH</td>
<td>12/06/24</td>
<td>$6.2</td>
<td>$6.1</td>
<td>$6.2</td>
<td>$26.00</td>
<td>$328.8K</td>
<td>3.1K</td>
<td>694</td>
</tr>
<tr>
<td>FL</td>
<td>PUT</td>
<td>SWEEP</td>
<td>BULLISH</td>
<td>12/06/24</td>
<td>$6.5</td>
<td>$6.2</td>
<td>$6.2</td>
<td>$26.00</td>
<td>$73.7K</td>
<td>3.1K</td>
<td>1.1K</td>
</tr>
<tr>
<td>FL</td>
<td>PUT</td>
<td>SWEEP</td>
<td>BULLISH</td>
<td>12/06/24</td>
<td>$7.1</td>
<td>$6.2</td>
<td>$6.2</td>
<td>$26.00</td>
<td>$66.3K</td>
<td>3.1K</td>
<td>842</td>
</tr>
<tr>
<td>FL</td>
<td>CALL</td>
<td>SWEEP</td>
<td>BULLISH</td>
<td>03/21/25</td>
<td>$1.2</td>
<td>$1.0</td>
<td>$1.2</td>
<td>$25.00</td>
<td>$57.3K</td>
<td>1.7K</td>
<td>1.5K</td>
</tr>
<tr>
<td>FL</td>
<td>PUT</td>
<td>TRADE</td>
<td>NEUTRAL</td>
<td>12/06/24</td>
<td>$4.4</td>
<td>$4.2</td>
<td>$4.3</td>
<td>$24.50</td>
<td>$43.0K</td>
<td>276</td>
<td>135</td>
</tr>
</tbody>
</table>

<h3>About Foot Locker</h3>
Foot Locker Inc operates thousands of retail stores throughout the United States, Canada, Europe, Asia, Australia, and New Zealand. It also has a presence in the Middle East. The company mainly sells athletically inspired shoes and apparel. Foot Locker's merchandise comes from only a few suppliers, with Nike providing the majority. Its portfolio of brands, includes Foot Locker, Kids Foot Locker, Champs Sports, WSS, and atmos. The company has omnichannel capabilities to bridge the digital world and physical stores, including order-in-store, buy online and pickup-in-store, and buy online and ship-from-store, as well as e-commerce. It has three operating segments, North America, EMEA, and Asia Pacific.
<h3>Current Position of Foot Locker</h3>
<ul>
<li>Trading volume stands at 4,608,241, with FL's price down by -18.87%, positioned at $19.61.</li>
<li>RSI indicators show the stock to be may be oversold.</li>
<li>Earnings announcement expected in 0 days.</li>
</ul>
<h3>Expert Opinions on Foot Locker</h3>
Over the past month, 5 industry analysts have shared their insights on this stock, proposing an average target price of $27.0.
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&#x2A; An analyst from Evercore ISI Group persists with their Outperform rating on Foot Locker, maintaining a target price of $32. 
&#x2A; In a cautious move, an analyst from Needham downgraded its rating to Buy, setting a price target of $27. 
&#x2A; Consistent in their evaluation, an analyst from Piper Sandler keeps a Neutral rating on Foot Locker with a target price of $28. 
&#x2A; An analyst from Needham has revised its rating downward to Buy, adjusting the price target to $27. 
&#x2A; An analyst from Williams Trading upgraded its action to Hold with a price target of $21. 
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Markets

Foot Locker's Options Frenzy: What You Need to Know

WIIM

Footlocker shares are trading lower after the company reported worse-than-expected Q3 financial results and cut its FY24 and Q4 adjusted EPS guidance.

Foot Locker, Inc&nbsp;(NYSE:<a class="ticker" href="https://www.benzinga.com/stock/FL#NYSE">FL</a>) stock tumbled in the premarket session on Tuesday. The company reported a third-quarter adjusted EPS of $0.33,&nbsp;missing the&nbsp;<a target="_blank" href="https://www.benzinga.com/calendars/earnings" rel="noreferrer noopener">analyst consensus estimate of $0.41</a>.&nbsp;Quarterly sales of $1.96 billion&nbsp;missed the&nbsp;<a target="_blank" href="https://www.benzinga.com/pressreleases/24/12/n42311174/foot-locker-inc-reports-third-quarter-2024-financial-results-updates-2024-outlook" rel="noreferrer noopener">street view of $2.02 billion</a>.
Also Read: <a target="_blank" href="https://www.benzinga.com/analyst-ratings/analyst-color/24/11/42171519/snowflake-elastic-poised-for-ai-revolution-gains-analyst-upgrades-the-stocks" rel="noreferrer noopener">Snowflake, Elastic Poised For AI Revolution Gains, Analyst Upgrades The Stocks</a>
Total sales decreased 1.4% year over year. Comparable sales grew by 2.4%, led by 2.8% growth in global Foot Locker and Kids Foot Locker comparable sales.
During the quarter, the company opened ten new stores and closed 24. It also&nbsp;remodeled or relocated 20 stores and updated 167&nbsp;stores to current design standards. Inventory decreased 6.3% year over year.
As of&nbsp;November 2, the company operated 2,450&nbsp;stores in 26 countries in&nbsp;North America,&nbsp;Europe,&nbsp;Asia,&nbsp;Australia, and&nbsp;New Zealand.
In addition, 214 franchised&nbsp;stores were operating in the&nbsp;Middle East and&nbsp;Asia.
Foot Locker&#8217;s gross margin increased by 230 basis points. Quarterly adjusted net income was&nbsp;$31 million, compared with&nbsp;$28 million&nbsp;in the prior year.
At quarter-end, the company&#8217;s cash and cash equivalents totaled&nbsp;$211&nbsp;million, while total debt was&nbsp;$445&nbsp;million.
CEO Mary Dillon flagged a softening of consumer spending trends following the peak Back-to-School period in August and a more-than-expected elevated promotional environment, leading to the third-quarter consensus misses.
Despite disappointing trends in early November as consumers held back their spending ahead of the holiday season, the company noted a meaningful and positive acceleration over the key Thanksgiving week, especially in stores.
Outlook:&nbsp;Foot Locker lowered fiscal 2024&nbsp;adjusted EPS guidance&nbsp;to $1.20-$1.30&nbsp;(<a target="_blank" href="https://www.benzinga.com/news/earnings/24/08/40598452/foot-locker-q2-earnings-revenue-and-eps-beat-multiple-store-closures-inventory-falls-10-and-more" rel="noreferrer noopener">prior $1.50-$1.70</a>) versus the&nbsp;$1.53 consensus.
Foot Locker revised sales growth outlook to 1.5% to 1.0% decline (prior (1%) to +1%) in fiscal 2024 year over year, or $8.032 billion- $8.072 billion (prior $8.072 billion-$8.236 billion) versus the consensus of $8.143 billion.
It lowered the gross margin guidance to 28.7% to 28.8% (prior to 29.5%-29.7%) to reflect promotional pressure.
The company expects fourth-quarter adjusted EPS of $0.70-$0.80 (versus <a target="_blank" href="https://www.benzinga.com/calendars/guidance" rel="noreferrer noopener">consensus of $0.94</a>), sales change of (3.5)%-(1.5)% or $2.297 billion—$2.344 billion (versus consensus of $2.351 billion) and gross margin of 29.0%- 29.2%.
Foot Locker stock has plunged 22% year-to-date.
Price Action:&nbsp;FL stock is down 17.10% to $20.10 premarket at the last check on Wednesday.
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Photo by Sorbis via Shutterstock

Earnings

Guidance

Trading Ideas

Foot Locker Cuts Outlook On Soft Consumer Spending In Q3, Stock Tanks

U.S. stock futures were higher this morning, with the Dow futures gaining around 200 points on Wednesday.
Shares of Foot Locker, Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/FL#NYSE">FL</a>) fell sharply in today's pre-market trading <a href="https://www.benzinga.com/quote/FL/earnings">following third-quarter results</a>.
Foot Locker reported quarterly earnings of 33 cents per share which missed the analyst consensus estimate of 41 cents per share. The company reported quarterly sales of $1.96 billion which missed the analyst consensus estimate of $2.01 billion.
Foot Locker shares dipped 14% to $20.80 in the pre-market trading session.
Here are some other stocks moving lower in pre-market trading.
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<li>ZJK Industrial Co., Ltd. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/ZJK#NASDAQ">ZJK</a>) shares fell 13.4% to $14.95 in pre-market trading. ZJK Industrial shares jumped 172% on Tuesday after the company announced it received a request to produce samples for one of NVIDIA&#8217;s upcoming liquid cooling manifold projects.</li>
<li>Intuitive Machines, Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/LUNR#NASDAQ">LUNR</a>) fell 12.7% to $12.36 in pre-market trading. Intuitive Machines priced its upsized $110.0 million offering of shares of its Class A common stock and concurrent private placement.</li>
<li>Couchbase, Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/BASE#NASDAQ">BASE</a>) shares dipped 11% to $18.80 in pre-market trading after the company issued fourth-quarter revenue guidance below estimates.</li>
<li>Gaotu Techedu Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/GOTU#NYSE">GOTU</a>) declined 9.4% to $2.70 in pre-market trading following third-quarter results.</li>
<li>GXO Logistics, Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/GXO#NYSE">GXO</a>) shares fell 7.6% to $54.50 in pre-market trading. GXO Logistics said CEO Malcolm Wilson has informed board that he plans to retire in 2025.</li>
<li>Crescent Energy Company (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/CRGY#NASDAQ">CRGY</a>) fell 5.4% to $14.32 in today's pre-market trading. Crescent Energy Company priced its upsized public offering of 21.5 million Class A common shares at $14/share.</li>
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Pre-Market Outlook

BASE

CRGY

LUNR

Foot Locker Posts Downbeat Results, Joins Couchbase And Other Big Stocks Moving Lower In Wednesday's Pre-Market Session

Retail Sales

General

Foot Locker Expects 2024 Adjusted EPS Of $1.20-$1.30 Vs. Prior Guidance Of $1.50-$1.70 And Consensus Of $1.53, With Q4 Adjusted EPS Guidance Of $0.70-$0.80 Vs. Consensus Of $0.94

Foot Locker Expects Q4 2024 Sales To Decline Between 3.5% To 1.5%, With Comparable Sales Of +1.5% To +3.5%

Lowering 2024 Sales and Non-GAAP EPS Outlook
The Company's full year 2024 outlook, representing the 52 weeks ending February 1, 2025, is summarized in the table below.&nbsp;
<figure class="table"> 
<table>
<tbody>
<tr>
<td colspan="1" rowspan="1">Metric</td>
<td colspan="1" rowspan="1">Prior Full Year&nbsp; Guidance</td>
<td colspan="1" rowspan="1">Updated Full Year&nbsp; Guidance</td>
<td colspan="1" rowspan="1">Fourth Quarter&nbsp; Guidance</td>
<td colspan="1" rowspan="1">Commentary</td>
<td colspan="1" rowspan="1">&nbsp;</td>
</tr>
<tr>
<td colspan="1" rowspan="1">Sales Change</td>
<td colspan="1" rowspan="1">-1.0% to +1.0%</td>
<td colspan="1" rowspan="1">-1.5% to -1.0%</td>
<td colspan="1" rowspan="1">-3.5% to -1.5%</td>
<td colspan="1" rowspan="1">~$100 million headwind from 53rd week in 2023</td>
<td colspan="1" rowspan="1">&nbsp;</td>
</tr>
<tr>
<td colspan="1" rowspan="1">Comparable Sales Change</td>
<td colspan="1" rowspan="1">+1.0% to +3.0%</td>
<td colspan="1" rowspan="1">+1.0% to +1.5%</td>
<td colspan="1" rowspan="1">+1.5% to +3.5%</td>
<td colspan="1" rowspan="1">&nbsp;</td>
<td colspan="1" rowspan="1">&nbsp;</td>
</tr>
<tr>
<td colspan="1" rowspan="1">Store Count Change</td>
<td colspan="1" rowspan="1">Down ~4%</td>
<td colspan="1" rowspan="1">Down ~4%</td>
<td colspan="1" rowspan="1">&nbsp;</td>
<td colspan="1" rowspan="1">&nbsp;</td>
<td colspan="1" rowspan="1">&nbsp;</td>
</tr>
<tr>
<td colspan="1" rowspan="1">Square Footage Change</td>
<td colspan="1" rowspan="1">Down ~2%</td>
<td colspan="1" rowspan="1">Down ~2%</td>
<td colspan="1" rowspan="1">&nbsp;</td>
<td colspan="1" rowspan="1">&nbsp;</td>
<td colspan="1" rowspan="1">&nbsp;</td>
</tr>
<tr>
<td colspan="1" rowspan="1">Licensing Revenue</td>
<td colspan="1" rowspan="1">~$17 million</td>
<td colspan="1" rowspan="1">~$16 million</td>
<td colspan="1" rowspan="1">~$4 million</td>
<td colspan="1" rowspan="1">&nbsp;</td>
<td colspan="1" rowspan="1">&nbsp;</td>
</tr>
<tr>
<td colspan="1" rowspan="1">Gross Margin</td>
<td colspan="1" rowspan="1">29.5% to 29.7%</td>
<td colspan="1" rowspan="1">28.7% to 28.8%</td>
<td colspan="1" rowspan="1">29.0% to 29.2%</td>
<td colspan="1" rowspan="1">Promotional pressure</td>
<td colspan="1" rowspan="1">&nbsp;</td>
</tr>
<tr>
<td colspan="1" rowspan="1">SG&amp;A Rate</td>
<td colspan="1" rowspan="1">24.1% to 24.3%</td>
<td colspan="1" rowspan="1">24.0% to 24.1%</td>
<td colspan="1" rowspan="1">22.3% to 22.5%</td>
<td colspan="1" rowspan="1">Investment spending</td>
<td colspan="1" rowspan="1">&nbsp;</td>
</tr>
<tr>
<td colspan="1" rowspan="1">D&amp;A</td>
<td colspan="1" rowspan="1">$210 to $215 million</td>
<td colspan="1" rowspan="1">~$203 million</td>
<td colspan="1" rowspan="1">~$50 million</td>
<td colspan="1" rowspan="1">&nbsp;</td>
<td colspan="1" rowspan="1">&nbsp;</td>
</tr>
<tr>
<td colspan="1" rowspan="1">EBIT Margin</td>
<td colspan="1" rowspan="1">2.8% to 3.2%</td>
<td colspan="1" rowspan="1">2.3% to 2.5%</td>
<td colspan="1" rowspan="1">4.5% to 5.0%</td>
<td colspan="1" rowspan="1">&nbsp;</td>
<td colspan="1" rowspan="1">&nbsp;</td>
</tr>
<tr>
<td colspan="1" rowspan="1">Net Interest</td>
<td colspan="1" rowspan="1">~$10 million</td>
<td colspan="1" rowspan="1">~$8 million</td>
<td colspan="1" rowspan="1">~$2 million</td>
<td colspan="1" rowspan="1">&nbsp;</td>
<td colspan="1" rowspan="1">&nbsp;</td>
</tr>
<tr>
<td colspan="1" rowspan="1">Non-GAAP Tax Rate</td>
<td colspan="1" rowspan="1">33.0% to 34.0%</td>
<td colspan="1" rowspan="1">~34.0%</td>
<td colspan="1" rowspan="1">33.0% to 34.0%</td>
<td colspan="1" rowspan="1">&nbsp;</td>
<td colspan="1" rowspan="1">&nbsp;</td>
</tr>
<tr>
<td colspan="1" rowspan="1">Non-GAAP EPS</td>
<td colspan="1" rowspan="1">$1.50 to $1.70</td>
<td colspan="1" rowspan="1">$1.20 to $1.30</td>
<td colspan="1" rowspan="1">$0.70 to $0.80</td>
<td colspan="1" rowspan="1">Includes $0.09 drag from non-recurring FLX charge in 2Q</td>
<td colspan="1" rowspan="1">&nbsp;</td>
</tr>
<tr>
<td colspan="1" rowspan="1">Capital Expenditures</td>
<td colspan="1" rowspan="1">$275 million</td>
<td colspan="1" rowspan="1">$270 million</td>
<td colspan="1" rowspan="1">&nbsp;</td>
<td colspan="1" rowspan="1">&nbsp;</td>
<td colspan="1" rowspan="1">&nbsp;</td>
</tr>
<tr>
<td colspan="1" rowspan="1">Adj. Capital Expenditures&#x2A;</td>
<td colspan="1" rowspan="1">$330 million</td>
<td colspan="1" rowspan="1">$320 million</td>
<td colspan="1" rowspan="1">&nbsp;</td>
<td colspan="1" rowspan="1">Includes ~$50 million in technology investment reflected in operating cash flows</td>
<td>&nbsp;</td>
</tr>
</tbody>
</table>
</figure>

Foot Locker Expects 2024 Sales To Decline Between 1.5% To 1.0%, Compared To Prior Guidance Of -1.0% To +1.0%, With Comparable Sales Growth Of +1.0% To +1.5% Vs. Prior Guidance Of +1.0% To +3.0%

Foot Locker Reports Q3 Comparable Sales Up 2.4%

Foot Locker (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/FL#NYSE">FL</a>) reported quarterly earnings of $0.33 per share which missed the analyst consensus estimate of $0.41 by 19.51 percent. The company reported quarterly sales of $1.96 billion which missed the analyst consensus estimate of $2.01 billion by 2.82 percent. This is a 1.56 percent decrease over sales of $1.99 billion the same period last year.

Foot Locker Q3 2024 Adj EPS $0.33 Misses $0.41 Estimate, Sales $1.96B Miss $2.01B Estimate

<h3>Companies Reporting Before The Bell</h3>
• Daktronics (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/DAKT#NASDAQ">DAKT</a>) is estimated to report quarterly earnings at $0.20 per share on revenue of $202.59 million. 
• SecureWorks (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/SCWX#NASDAQ">SCWX</a>) is projected to report quarterly earnings at $0.00 per share on revenue of $81.39 million. 
• Foot Locker (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/FL#NYSE">FL</a>) is expected to report quarterly earnings at $0.40 per share on revenue of $2.00 billion. 
• Thor Industries (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/THO#NYSE">THO</a>) is projected to report quarterly earnings at $0.72 per share on revenue of $2.23 billion. 
• Dollar Tree (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/DLTR#NASDAQ">DLTR</a>) is expected to report quarterly earnings at $1.08 per share on revenue of $7.44 billion. 
• Hormel Foods (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/HRL#NYSE">HRL</a>) is likely to report quarterly earnings at $0.42 per share on revenue of $3.14 billion. 
• Chewy (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/CHWY#NYSE">CHWY</a>) is expected to report quarterly earnings at $0.08 per share on revenue of $2.90 billion. 
• WisdomTree International LargeCap Dividend Fund (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/DOL#NYSE">DOL</a>) is projected to report quarterly earnings at $0.98 per share on revenue of $1.57 billion. 
• Nano Labs (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/NA#NASDAQ">NA</a>) is projected to report quarterly earnings at $2.57 per share on revenue of $2.95 billion. 
• Royal Bank of Canada (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/RY#NYSE">RY</a>) is expected to report quarterly earnings at $3.01 per share on revenue of $14.72 billion. 
• Gaotu Techedu (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/GOTU#NYSE">GOTU</a>) is estimated to report quarterly loss at $0.11 per share on revenue of $172.78 million. 
<h3>Companies Reporting After The Bell</h3>
• Culp (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/CULP#NYSE">CULP</a>) is likely to report quarterly loss at $0.18 per share on revenue of $58.00 million. 
• DLH Hldgs (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/DLHC#NASDAQ">DLHC</a>) is projected to report quarterly earnings at $0.11 per share on revenue of $101.00 million. 
• PVH (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/PVH#NYSE">PVH</a>) is expected to report quarterly earnings at $2.59 per share on revenue of $2.22 billion. 
• Ooma (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/OOMA#NYSE">OOMA</a>) is likely to report quarterly earnings at $0.16 per share on revenue of $64.32 million. 
• KNOT Offshore Partners (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/KNOP#NYSE">KNOP</a>) is projected to report quarterly loss at $0.04 per share on revenue of $73.49 million. 
• ChargePoint Hldgs (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/CHPT#NYSE">CHPT</a>) is expected to report quarterly loss at $0.09 per share on revenue of $89.58 million. 
• SentinelOne (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/S#NYSE">S</a>) is expected to report quarterly loss at $0.20 per share on revenue of $209.72 million. 
• Sprinklr (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/CXM#NYSE">CXM</a>) is projected to report quarterly earnings at $0.08 per share on revenue of $196.40 million. 
• Ncino (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/NCNO#NASDAQ">NCNO</a>) is projected to report quarterly earnings at $0.16 per share on revenue of $137.38 million. 
• Verint Systems (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/VRNT#NASDAQ">VRNT</a>) is projected to report quarterly earnings at $0.43 per share on revenue of $210.03 million. 
• Greif (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/GEF#NYSE">GEF</a>) is projected to report quarterly earnings at $1.10 per share on revenue of $1.41 billion. 
• Five Below (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/FIVE#NASDAQ">FIVE</a>) is likely to report quarterly earnings at $0.17 per share on revenue of $798.58 million. 
• Star Group (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/SGU#NYSE">SGU</a>) is estimated to report earnings for its fourth quarter. 
• AeroVironment (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/AVAV#NASDAQ">AVAV</a>) is likely to report quarterly earnings at $0.68 per share on revenue of $181.44 million. 
• IDT (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/IDT#NYSE">IDT</a>) is likely to report earnings for its first quarter. 
• American Eagle Outfitters (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/AEO#NYSE">AEO</a>) is estimated to report quarterly earnings at $0.46 per share on revenue of $1.30 billion. 
• Container Store Group (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/TCS#NYSE">TCS</a>) is expected to report quarterly earnings at $0.11 per share on revenue of $45.20 million. 
• Synopsys (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/SNPS#NASDAQ">SNPS</a>) is expected to report quarterly earnings at $3.30 per share on revenue of $1.63 billion. 
This article was generated by Benzinga's automated content engine and reviewed by an editor.

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