Foot Locker stock surges 13% as turnaround shows signs of life

Foot Locker posted better-than-expected comparable sales as CEO Mary Dillon's turnaround plan begins to bear fruit.

The sneaker giant saw comparable sales decline 1.8% during its fiscal first quarter, far better than the 3.1% drop off that analysts had expected, according to StreetAccount. It's expecting comparable sales growth of between 1% and 3%, ahead of the 1.5% growth that analysts had expected, according to StreetAccount.

While Foot Locker's core consumer is still under pressure from inflation, Dillon said the company's average selling price rose during the quarter, proving that its consumers are willing to pay full price – for the right product.

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