(Reuters) -Foot Locker on Wednesday forecast a smaller-than-expected decline in fourth-quarter comparable sales, anticipating resilient consumer demand during the key holiday shopping season.
Foot Locker’s stock, which has lost about 40% of its value this year, was up about 12% in premarket trade.
Steep discounts have helped the footwear retailer rope in budget-conscious shoppers looking for deals on styles from Nike, On, Deckers Outdoors, Adidas, HOKA and UGG boots.
The company expects fourth-quarter comparable sales to decline between 7% and 9%, compared with analysts’ average expectation of a fall of 10.51%, as per LSEG data.
(Reporting by Juveria Tabassum; Editing by Pooja Desai)
