Foot Locker Shares Soar After Q3 Sales Were Better Than Expected

Foot Locker shares "surged" in pre-market trading this morning after the chain said that Q3 sales had "held up better than feared, and that an upcoming slate of new high-end products should give a boost to business ahead of the important holiday shopping season." The company’s sales have "been hit in recent quarters by falling visits to its stores and a shift by brands like Nike to sell more of their products directly through Amazon or their own brand website." Comments from the company "offered investors hope that new 'must have' shoes would bring shoppers in through Foot Locker’s doors for the crucial holiday shopping season" (FT.com, 11/17). At presstime, shares of Foot Locker were trading at $40.00 per share in pre-market trading, up 26% from the close of business yesterday (THE DAILY).