If its share price has not changed over the last decade, this does not necessarily do justice to the company's performance or its prospects. Between 2013 and 2023, its sales grew from $6.2 billion to $8.8 billion, despite a sharp decline in gross margin.

However, growth has absorbed this setback, so that earnings power remains remarkably even over the cycle. The company remains very well capitalized, with no net debt and total liabilities - excluding operating leases - covered by current assets alone.

Inventories are growing at a constant rate - between x4 and x5 per year - and sales via the digital channel reach 17% of the total. There is a slight delay related to this last point, but it has been well identified by the management.

The management, precisely, must be discussed, since the talented Mary Dillon took over the reins of the group in August 2022. Dillon is the former CEO of beauty and cosmetic retailer Ulta Beauty,  a meteoric success story of its kind.

Mary Dillon's arrival coincides with Foot Locker's acquisition of the Atmos and WSS chains for a combined value of $1.1 billion. The Japanese chain Atmos is a specialist in "experimental" concept stores; WSS, for its part, is positioned in the "budget" segment.

The sneaker trend has never been stronger and Foot Locker is consolidating its footprint. On the face of it, all the ingredients for success are there.

The medium-term ambitions are very clear: $10 billion in revenues, 10% operating margin - compared to 7.5% today - and a quarter of sales made via the digital channel.

Foot Locker has generated $5.5 billion in cumulative profits over the past decade, without ever having delivered a single loss. Cash generation is excellent and follows accounting results to the dollar.

As such, the current market capitalization of $4 billion will undoubtedly be perceived as very attractive by contrarian investors with strong views on the company's competitive position.

The less optimistic will not fail to point out that Foot Locker faces a plethora of competition, and that this necessarily limits its room for maneuver.