Foot Locker shares up following positive profit forecasts

Foot Locker shares up following positive profit forecasts

Major American sportswear and footwear retailer Foot Locker, Inc. (NYSE: FL) announced its high expectations of “meaningful profit improvement” in 2008.

The statement influenced the company’s stock that went up as much as 13.5 percent on Friday.

In spite of stores’ closure, fall in sales and low first-quarter earnings (though better than expected) the company forecast the earnings of 65 cents to 85 cents a share, excluding an impairment charge.

The overall drop in sales constituted 2.9 percent. The declines occurred in the United States and Europe, but Canada and the Asia-Pacific region showed sales increase.

The company now has advanced margins and improved cash position on the market.

Photo: hoboken411.com