(News Bulletin 247) – The analyst believes that the group has published results above expectations for the fourth quarter, with a strong increase in turnover.
The sporting goods distributor’s total sales fell 0.3% to $2.33 billion, but excluding currency effects, they rose 3.6% and on a comparable store basis, they were increased by 4.2%.
Following this announcement, Jefferies confirms its buy advice and its target price of $47.
‘FL published better-than-expected results for the fourth quarter, with strong sales developments. Additionally, FL announced its new LT strategy which focuses on growth opportunities in low-traffic brands, exclusive merchandise and new store formats.
‘FL plans to streamline its portfolio by closing around 400 stores located in malls and simplifying its operations in Asia. The action plan has been presented and thanks to the dynamics of the company, we believe that FL remains well positioned’ adds the analysis office.
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