Checking out Foot Locker Shares (FL)
StockerBlog pointed out last week that Foot Locker, Inc. (NYSE:FL) shares may be worth investors' attention. Turns out FL is selling for 93% of book value and yields a 5% dividend.
The stock has been a roller coaster ride over the past year, trading between $9 to $12 but so far in 2010 Foot Locker Inc shares are up 5.48%.
This month Foot Locker (FL) said it is closing 117 stores in the fourth quarter and revamping its organization, installing Richard Johnson as president and chief executive of Foot Locker U.S., Footaction, Kids Foot Locker and Lady Foot Locker. Johnson had been president and CEO of the firm’s Foot Locker Europe unit.
For the full year, Foot Locker said it will have opened 37 stores, closed 190 and remodeled or relocated another 160 doors. A large percentage of the 117 stores slated for closure this quarter are Foot Locker and Lady Foot Locker locations in the U.S.
Masters, Foot Locker the retailer of athletic footwear and apparel has a forward PE of 16 and has a market cap of $1.84 billion. The stock is worth adding to you watch list but the one thing we are skeptical about is how it trades, the 12 month chart looks like a sin wave, so expect volatility. Here's the technicals on Foot Locker, Inc. (NYSE:FL) thanks to shortsqueeze.com and graph via finviz.com:
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