NEW YORK (TheStreet) -- Foot Locker (FL) shares are up 2.6% to $57.51 on Friday with the shoe retailer benefiting from the first quarter earnings beat Nike (NKE) posted after the closing bell on Thursday.
Boosted by increased exposure during the World Cup soccer tournament this summer, Nike posted a 23% increase in net sales this quarter over the same period last year.STOCKS TO BUY: TheStreet Quant Ratings has identified a handful of stocks that can potentially TRIPLE in the next 12 months. Learn more.
Foot Locker, which gets about 8% of its sales from Nike products, had previously reported that basketball shoe sales rose by a "high teens" percentage during its second earnings quarter period.
Nike shares are up 10.2% to $87.89 in early market trading today.
TheStreet has further coverage of shoe retailers here.
TheStreet Ratings team rates FOOT LOCKER INC as a Buy with a ratings score of A+. TheStreet Ratings Team has this to say about their recommendation:
"We rate FOOT LOCKER INC (FL) a BUY. This is based on the convergence of positive investment measures, which should help this stock outperform the majority of stocks that we rate. The company's strengths can be seen in multiple areas, such as its revenue growth, largely solid financial position with reasonable debt levels by most measures, solid stock price performance, impressive record of earnings per share growth and compelling growth in net income. We feel these strengths outweigh the fact that the company shows low profit margins."