Foot Locker: Can the new CEO reverse the negative development of the company in recent months? 3Q results tell us

Shares of retailers including Foot Locker have fallen out of favor with investors this year. But now FL is slowly regaining lost confidence, as evidenced by its latest quarterly results.

Foot Locker sheds dependence on Nike

This quarter was the first period where stores would see a decline in Nike products. Earlier this year, Foot Locker $FL said the amount of Nike products in its stores would be significantly less as the athletic footwear and apparel maker accelerated its shift toward DTC (direct-to-consumer) sales. While the move initially caused the retailer to post a bleak outlook for 2022, it also recently encouraged Foot Locker to lean into other high-demand brands.

"Choice and variety is something consumers are demanding," Foot Locker CEO Mary Dillon said in a call with analysts on Friday. The newly minted CEO said she's shifting the company from product-centric to consumer-centric, adding that most of Foot Locker's high-end customers tend to shop…