Foot Locker Swings to Q4 Profit, Narrowly Missing Estimates (FL)

in Gold Gold Investment by admin — March 4, 2010 7:10 am | no comments

Athletic footwear and apparel retailer Foot Locker, Inc. ( FL ) said late Wednesday that it swung to a fourth quarter profit, but results narrowly missed analyst estimates. The New York-based company reported fourth quarter net income of $23 million, or 14 cents per share, compared with a net loss of $125 million, or 81 cents per share, in the year-ago period. Excluding one-time items, adjusted profit was 24 cents per share. Revenue rose less than 1% from last year, to $1.33 billion. On average, Wall Street analysts expected a slightly higher profit of 25 cents per share, albeit on slightly lower revenue of $1.31 billion. Foot Locker shares were mostly flat in premarket trading Thursday. The Bottom Line We removed shares of FL from our recommended list back on Sept.17,2008, when the stock was trading at $17.19. The company has a 4.61% dividend yield, based on last night’s closing stock price of $13.01. The stock has technical support in the $10-$11 price area. If the shares can firm up, we see overhead resistance around the $15-$16 price levels. We would remain on the sidelines for now. Foot Locker, Inc. ( FL ) is not recommended at this time, holding a Dividend.com DARS™ Rating of 3.2 out of 5 stars. Be sure to visit our complete recommended list of the Best Dividend Stocks , as well as a detailed explanation of our ratings system here .