Foot Locker soars 30% as turnaround strategy pays off

Foot Locker, a well-known sneaker giant, experienced a 30% surge in its stock value in early trading Thursday, indicating that the company's turnaround efforts are yielding positive results. The positive momentum comes as the company reported a better-than-expected decline of 1.8% in comparable sales during its fiscal first quarter, outperforming analysts' projections of a 3.1% drop. This promising performance has instilled confidence in investors and analysts alike, with Foot Locker reaffirming its fiscal year guidance. The company expects sales to range from a 1% decline to a 1% gain, surpassing analyst estimates of a 0.6% decline.