Foot Locker knows which shoes are cool, in addition to also This kind of might be why the stock rallied on Friday, Susquehanna Financial Group footwear in addition to also apparel analyst Sam Poser told CNBC.
“The customer wants to go where all the coolest sneakers are,” Poser said on “Power Lunch” Friday. “If you know what you want, you may go to Nike or Adidas or Under Armour’s website. although, if you’re going, ‘I want the coolest sneaker, who’s going to tell me about in which?’ A lot of people inside States, a lot of people all over the place, go to Foot Locker, saying, ‘They always hold the best brand new stuff.'”
Foot Locker’s stock surged on Friday after the shoe retailer beat Wall Street’s earnings estimates. The company posted revenue of $2.03 billion, causing the shares to jump 16 percent.
The news is actually a bright spot inside apparel sector where companies have become increasingly fearful of e-commerce giant Amazon in addition to also brands such as Nike in addition to also Adidas are trying to cash in on the direct-to-consumer trend by selling products on their websites.
Foot Locker has not been spared inside changing landscape. Company shares are down more than 22 percent inside last year.
A 2017 UBS survey found more consumers prefer to buy Nike products on Amazon rather than at Foot Locker.
Still, with the proliferation of options available both online in addition to also in-store, Poser said, “You want someone else to tell you This kind of is actually important.”