Foot Locker To Gain From Strengthened Partnership With Nike: Analyst Forecasts Earnings Recovery Next Year
Foot Locker To Gain From Strengthened Partnership With Nike: Analyst Forecasts Earnings Recovery Next Year
Nikic notes that Foot Locker faced challenges due to Nike's decision to reduce high-demand product supply but believes Nike's shift to increase product allocations to Foot Locker starting in the fourth-quarter of 2024 will drive positive sales growth.Needham analyst Tom Nikic initiated coverage on Foot Locker, Inc. (NYSE:FL) with a Buy rating and a price forecast of $27.
Needham分析師湯姆·尼基克對富樂客公司（紐交所：FL）的覆蓋評級爲買入，價格預期爲27美元。
The analyst writes that Foot Locker is positioned for an earnings recovery in 2025, with improvements expected from a strengthened Nike, Inc partnership, growth in non-Nike brands, recent SG&A investments, and the recovery of merchandise margins.
分析師指出，富樂客在2025年有望實現收益恢復，這得益於耐克公司的強大合作關係、非耐克品牌的增長、近期的銷售及行政支出投資，以及商品毛利率的恢復。
Despite a current lull post-back-to-school, the analyst expects trends to pick up after Thanksgiving and is encouraged by a recent consumer survey indicating strong holiday interest in sneakers.
儘管返校後當前暫時低迷，分析師預計趨勢將在感恩節後回暖，並對近期消費調查結果表示鼓勵，顯示出人們對運動鞋的強烈假日興趣。
Nikic notes that Foot Locker faced challenges due to Nike's decision to reduce high-demand product supply but believes Nike's shift to increase product allocations to Foot Locker starting in the fourth-quarter of 2024 will drive positive sales growth.
尼基克指出，富樂客面臨挑戰，因爲耐克決定減少熱銷產品供應，但他相信耐克計劃從2024年第四季度開始增加對富樂客的產品配置，這將推動銷售增長。
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Additionally, Foot Locker is benefiting from expanding Hoka and On availability, along with strengthened relationships with brands like Adidas AG, New Balance, Crocs, Inc., and UGG.
此外，富樂客正在受益於Hoka和On品牌的擴展供應，以及與阿迪達斯(adr)、新百倫、Crocs公司和UGG等品牌關係的加強。
The analyst explains that Foot Locker's EBIT margin was significantly lower last year compared to pre-COVID levels and is only expected to see modest improvement in FY24 due to aggressive long-term growth investments.
分析師解釋說，富樂客的息稅前利潤率去年顯著低於疫情前水平，並且由於積極的長期增長投資，預計在2024財年只會有適度改善。
However, as spending tapers off next year, Foot Locker is expected to leverage these investments to expand margins.
然而，隨着明年的消費減緩，富樂客預計將利用這些投資來擴大毛利率。
Additionally, with merchandise margins still over 300bps below pre-COVID levels, there is further opportunity for gross margin improvement, Nikic adds.
此外，耐克補充說，由於商品毛利率仍低於疫情前水平300個點子，毛利率還有進一步改善的機會。
The analyst projects the company to report FY24 revenues of $8.164 billion and earnings per share of $1.61.
分析師預計該公司將在2024財年報告收入爲81.64億元，每股收益爲1.61美元。
Price Action: FL stock is up 1.67% at $22.83 at last check Friday.
價格動態：富樂客股票上升1.67%，最新報22.83美元。
Photo by Sorbis via Shutterstock
圖片來源：Sorbis via shutterstock
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譯文內容由第三人軟體翻譯。
