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Foot Locker, up 22 percent, was the most actively traded among
stocks listed on the New York Stock Exchange.
Brokerages including Jefferies and Wedbush raised their price
targets on Shoe Carnival's shares by $2 to $22 and $27,
respectively, as they expect improved performance in 2018.
"It is clear to us the SCVL team is managing its business
exceptionally well. SCVL's willingness to plan purchases
appropriately (boots are planned down 10 percent for the season)
resulted in inventory levels down 4.3 percent on a per-store
basis at 3Q17-end," Susquehanna analyst Sam Poser said.
The strong results come as bankruptcies of peers such as Sports
Authority, Sports Chalet and changing shopping habits of
consumers in favor of ecommerce websites have forced sporting
goods retailers to slash prices to clear out the excess
stockpile of inventory.
Further, sporting goods makers such as Nike <NKE.N> are also
entering direct partnerships with Amazon <AMZN.O> that might
further pressure the brick and mortar retailers to markdown the
prices of its products.
Shoe Carnival and Hibbett raised their full-year comparable
store sales forecasts.
Shoe Carnival's third-quarter same-store sales jumped 4.4
percent, much higher than the 0.4 pct increase in the second
quarter.
(Reporting by Ankit Ajmera in Bengaluru; Editing by Maju Samuel)
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