Shares of Foot Locker (FL) racing higher, up 20% on Friday after the sportswear retailer reported gains.
The rally comes amid a more than 1% dip in the broad stock market on Friday morning.
The retailer reported better-than-expected earnings — $1.10 a share — well above expectations of 81 cents a share. Revenue just exceeded analyst expectations, declining about 9% year-on-year.
While earnings were down about 50% year over year, investors are overlooking the decline and focusing on the positives. Perhaps the biggest: a management change, with former Ulta Beauty (ULTA) Chief Executive Mary Dillon takes over at Foot Locker.