Foot LockerNYSE: FL

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One of the market's most closely watched economic reports made a sudden turn last week. The employment situation report (NFP) showed that the U.S. economy is still resiliently adding jobs despite seeing some contradicting indicators placing a ceiling on its growth.

CNBC's Gabrielle Fonrouge talks Foot Locker's turn around story as the stock surges on quarterly results.

Foot Locker shares surged after reporting better-than-expected first quarter earnings.

Expectations for Foot Locker were really low, making it easy to impress investors by merely reiterating its guidance. Management believes that remodeling its stores will allow it to stay relevant -- a belief long-term investors need to share before buying this stock.

Foot Locker (FL) shares soared Thursday as the athletic shoe and apparel retailer's first-quarter results showed its turnaround efforts seem to be working.

While the top- and bottom-line numbers for Foot Locker (FL) give a sense of how the business performed in the quarter ended April 2024, it could be worth looking at how some of its key metrics compare to Wall Street estimates and year-ago values.

Foot Locker, Inc. (NYSE:FL) shares have rocketed close to 30% on Thursday after its turnaround plan started to bear fruit, with first-quarter profits smashing analysts' expectations. Earnings per share came in at US$0.22, beating Wall Street guidance of US$0.12, after a period in which average selling prices of its products increased.

CNBC's Jim Cramer delivers his daily Mad Dash.