Foot Locker jumped after naming the former Ulta Beauty chief Mary Dillon to be its next chief executive. Photograph: Getty ImagesFoot Locker jumped after naming retail industry veteran Mary Dillon to be its next chief executive in a move that one analyst called a “huge win for the company”.
Shares of Foot Locker rose as much as 25 per cent in New York trading, their biggest gain in almost five years. The company also reported fiscal second-quarter earnings that beat analysts’ estimates while trimming its sales outlook for the year and saying profit will be at the lower end of its original forecast range.
The news drove analysts at Bank of America to upgrade their rating on Foot Locker shares to neutral from underperform. They called it a “thesis-changing move given Dillon’s strong reputation in the industry”. Mr Johnson’s career at Foot Locker has spanned three decades, including almost eight years as chief executive. He is 64 years old.