Foot Locker to join the S&P 500
After strong financial growth, particularly in FY15, Foot Locker announced on Monday that it will replace Cameron International Corp. in the S&P 500. Specifically, Foot Locker will be added to the S&P 500 (Global Industry Classification Standard) Apparel Retail Sub-Industry index.
Over the past 12 months, its shares have increased 6.3%, online sales increased by 20% in Q4 FY15, and total sales for FY15 increased 3.6% to $7.4 billion. This puts the company within the requirements of joining the S&P 500.
To qualify for the S&P 500 index, which includes 500 of the largest companies whose stocks trade on the NYSE or NASDAQ, a company must have a market cap of $5.3 billion, be headquartered in the United States, demonstrate four straight quarters of positive as-reported earnings, and most of its shares must be publicly owned.
Athletic apparel and footwear retailer Foot Locker is headquartered in New York City. The company was established in 1974 as part of the F.W. Woolworth Company. In 1988 it separated and rebranded as Foot Locker. The company operates 3,423 retail stores in 23 countries under the brand names Foot Locker, Lady Foot Locker, Kids Foot Locker, Champs Sports, Footaction, SIX:02, Runners Point and Sidestep.
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