Upcoming AWS Coverage on SKECHERS USA Post-Earnings Results
LONDON, UK / ACCESSWIRE / February 17, 2017 / Active Wall St. blog coverage looks at the headline from retailer of athletic footwear and apparel Foot Locker, Inc. (NYSE: FL) as the Company announced that its Board of Directors had approved three capital allocation initiatives which will help in enhancing shareholder value and attain its long-term financial goals. The details of the Capital Allocation Plans for the year 2017 were disclosed by the Company on February 15, 2017. Register with us now for your free membership and blog access at: http://www.activewallst.com/register/.
One of Foot Locker's competitors within the Textile - Apparel Footwear & Accessories space, SKECHERS USA, Inc. (NYSE: SKX), reported on February 10, 2017, financial results for Q4 and year ended December 31, 2016. AWS will be initiating a research report on SKECHERS USA in the coming days.
Today, AWS is promoting its blog coverage on FL; touching on SKX. Get all of our free blog coverage and more by clicking on the link below:
Foot Locker is a New York based global retailer of athletic footwear and apparel. As on January 28, 2017, the Company operates over 3,363 stores across 23 countries including North America, Europe, Australia, and New Zealand. Its brands include Foot Locker, Footaction, Lady Foot Locker, Kids Foot Locker, Champs Sports, and SIX:02, Runners Point, and Sidestep. Its digital presence includes footlocker.com, Eastbay.com, and six02.com.
Highpoints of the capital allocation initiatives
The Capital allocation initiatives approved by the Board of Foot Locker are:
- Declaration of quarterly cash dividend of $0.31 per share payable on April 28, 2017. It equals to the annualised dividend of $1.24 per share. The current quarterly dividend is 13% higher than the previous quarter's dividend.
- A $1.2 billion share repurchase program spread over three years till January 2020. This is $0.2 billion higher than the previously declared repurchase program of $1 billion in 2015. As per the repurchase program announced two years back the Company has already utilized $795 million.
- The Board approved a capital expenditure of $277 million for FY17. It is slightly lower than the capital expenditure of $284 million approved for FY16. The funds allocated would be utilised for certain strategic initiatives by the Company viz., opening new stores at key locations across the world, remodelling of its fleet of stores, expansion of footprint in Europe as well as global expansion of its Kids Foot Locker brand, upgradation of technology and distribution infrastructure.
Sharing his thoughts on the Capital Allocation plan, Richard Johnson, Chairman and CEO of Foot Locker said:
"With the landscape of retail changing rapidly, our Board of Directors agrees that leading that change in the future requires ongoing investment in our business. At the same time, our Company remains committed to returning significant amounts of cash to shareholders, and the Board's actions to both increase our dividend at a double-digit percentage rate for the seventh straight year and increase our share repurchase authorization by 20 percent is clear evidence of that commitment."
In November 2016, Foot Locker had disclosed its Q3 2016 results ending on October 29, 2016. It reported a GAAP Earnings of $157 million or $1.17 per share. Its Q3 2016 comparable-store sales increased 4.7% and Total sales was $1,886 million. During the Q3 2016, the Company opened 21 new stores, remodeled or relocated 40 stores, and closed 28 stores.
Foot Locker is expected to disclose its results for Q4 2016 and FY16 on February 28, 2017.
Foot Locker's share price finished yesterday's trading session at $70.50, slightly up 0.18%. A total volume of 1.70 million shares exchanged hands. The stock has advanced 17.65% and 7.05% in the last six months and past twelve months, respectively. The stock is trading at a PE ratio of 15.20 and has a dividend yield of 1.56%.
Active Wall Street:
Active Wall Street (AWS) produces regular sponsored and non-sponsored reports, articles, stock market blogs, and popular investment newsletters covering equities listed on NYSE and NASDAQ and micro-cap stocks. AWS has two distinct and independent departments. One department produces non-sponsored analyst certified content generally in the form of press releases, articles and reports covering equities listed on NYSE and NASDAQ and the other produces sponsored content (in most cases not reviewed by a registered analyst), which typically consists of compensated investment newsletters, articles and reports covering listed stocks and micro-caps. Such sponsored content is outside the scope of procedures detailed below.
AWS has not been compensated; directly or indirectly; for producing or publishing this document.
PRESS RELEASE PROCEDURES:
The non-sponsored content contained herein has been prepared by a writer (the "Author") and is fact checked and reviewed by a third party research service company (the "Reviewer") represented by a credentialed financial analyst [for further information on analyst credentials, please email firstname.lastname@example.org. Rohit Tuli, a CFA® charterholder (the "Sponsor"), provides necessary guidance in preparing the document templates. The Reviewer has reviewed and revised the content, as necessary, based on publicly available information which is believed to be reliable. Content is researched, written and reviewed on a reasonable-effort basis. The Reviewer has not performed any independent investigations or forensic audits to validate the information herein. The Reviewer has only independently reviewed the information provided by the Author according to the procedures outlined by AWS. AWS is not entitled to veto or interfere in the application of such procedures by the third-party research service company to the articles, documents or reports, as the case may be. Unless otherwise noted, any content outside of this document has no association with the Author or the Reviewer in any way.
AWS, the Author, and the Reviewer are not responsible for any error which may be occasioned at the time of printing of this document or any error, mistake or shortcoming. No liability is accepted whatsoever for any direct, indirect or consequential loss arising from the use of this document. AWS, the Author, and the Reviewer expressly disclaim any fiduciary responsibility or liability for any consequences, financial or otherwise arising from any reliance placed on the information in this document. Additionally, AWS, the Author, and the Reviewer do not (1) guarantee the accuracy, timeliness, completeness or correct sequencing of the information, or (2) warrant any results from use of the information. The included information is subject to change without notice.
NOT AN OFFERING
This document is not intended as an offering, recommendation, or a solicitation of an offer to buy or sell the securities mentioned or discussed, and is to be used for informational purposes only. Please read all associated disclosures and disclaimers in full before investing. Neither AWS nor any party affiliated with us is a registered investment adviser or broker-dealer with any agency or in any jurisdiction whatsoever. To download our report(s), read our disclosures, or for more information, visit http://www.activewallst.com/disclaimer/.
For any questions, inquiries, or comments reach out to us directly. If you're a company we are covering and wish to no longer feature on our coverage list contact us via email and/or phone between 09:30 EDT to 16:00 EDT from Monday to Friday at:
Phone number: 1-858-257-3144
Office Address: 3rd floor, 207 Regent Street, London, W1B 3HH, United Kingdom
CFA® and Chartered Financial Analyst® are registered trademarks owned by CFA Institute.
SOURCE: Active Wall Street