Foot Locker’s (FL) steep discounts powered a solid start to the retailer’s holiday season sales and prompted it to tighten its annual profit and sales expectations, sending its shares surging as much 22% on Wednesday.
“The results were not as bad as feared… Investors on the Street were bracing themselves for another guidance cut, given how promotional Foot Locker has been recently,” said Telsey Advisory Group analyst Cristina Fernandez.
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