Wedbush: Foot Locker Benefited From 'Strong Shoe Release' Lineup In December

According to Morry Brown of Wedbush, Foot Locker, Inc. (NYSE: FL) has seen elevated traffic levels in December following new shoe releases.

“Recent interviews with managers at core Foot Locker stores indicate holiday sales in December were off to a strong start aided by a string of strong new releases, and popularity of basketball and running footwear for gift items,” Brown wrote in a note over the weekend. The analyst adds that accessories and socks were also popular sellers this year although demand for men's apparel was “lacking.”

Brown observed strong traffic levels at stores through the first three weeks of December despite low clearance levels and an absence of heavily advertised promotional activities. The analyst also observed that Nike Inc (NYSE: NKE) Fleeced and Jordan Fleece were “selling through” but private-label Fleece offered at buy-one-get-one free were “noted as over-inventoried.”