(Jim Cramer's Charitable Trust is long FL. While the turnaround plays out, we'll be well-compensated by the stock's near 4% dividend yield and cushioned by the cheap 10-times multiple on 2024 earnings estimates. Foot Lock's "Lace Up" plan should put the retailer on a path toward sustainable, profitable growth after a reset year. Dillon is also winding down underperforming brands, launching new store concepts, accelerating investment in technology and building out a more comprehensive loyalty program and omnichannel experience. Another key aspect of the multiyear plan is a decision to exit about 400 underperforming stores over the next few years, allowing Footlocker to reallocate resources to higher-performing locations. The plan includes leveraging partnerships with fast growing brands like On Running, Hoka, New Balance, Crox, ASICS and other, in an effort to boost sales and become less reliant on Nike (NKE). Last month, Dillon and her team unveiled Foot Locker's new "Lace Up" strategy. Dillon joined Foot Locker last year after a very successful run as CEO of Ulta Beauty (ULTA). When an insider buys a stock, it's typically for one reason: To make money on the belief the price is going higher. In late March, CEO Mary Dillon disclosed she purchased roughly $500,000 worth of Foot Locker stock, at $39.74 a share - bolstering our confidence in the company's turnaround strategy. There hasn't been a lot of news around Foot Locker dating back to our initial buy in March, with the exception of one key data point. And with shares down close to 3% over the past few trading sessions, the price is now right to add to our position. We've had our eye on sneaker-and-athletic-wear retailer Footlocker for about a week now. Following Monday's trade, Jim Cramer's Charitable Trust will own 700 shares of FL, increasing its weighting in the portfolio to 1.06% from 0.53%. We're buying 350 shares of Foot Locker (FL), at roughly $40.43 apiece. Personal Loans for 670 Credit Score or Lower Personal Loans for 580 Credit Score or Lower Best Debt Consolidation Loans for Bad Credit
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