Daniel Kretinsky, the Czech billionaire, has increased his stake in Foot Locker Inc. This makes him top shareholder of this company. Earlier this year he also invested in Macy’s Inc. Kretinsky owns 10.3% of the company’s common shares. His company previously revealed a 6% stake in May 2020. Its current stake in the New York-based company has a market value of about $400 million. Foot Locker’s shares have more than doubled since the market turmoil earlier this year, leaving them down 1.6% since Jan. 1.
Foot Locker, like other retailers, is recovering from the impact of the pandemic. The company in March withdrew its forecast for this year and said it would temporarily shutter stores in most parts of the globe although it reported third-quarter earnings this month that beat analysts’ estimates. Foot Locker’s shares have more than doubled since the market turmoil earlier this year, leaving them down 1.6% since Jan. 1.
Prepared by the team of CzechTrade Jakarta