Footlocker (FL) order numbers appear to be incremental, allowing an savvy investor to potentially estimate revenue. For example, in the online order shown below the order number given was W34####900, and the customer number was 1####899. Another order placed a few minutes later from a different IP gave an order number of W34####902 and a customer number of 1####921.

fl-1 Footlocker Order

The order numbers (on the scale of 34 million currently), are incremented by one for each new order (W34####900 vs W34####902, there was one other order in the four minutes between the two orders we made) It is not clear how customers are treated (it doesn’t have be be someone who placed an order, but rather something placed in a cart or an email added to the email list), but this variable is not as important as the order number.

We also imagine that in store orders are most likely using the same ERP/order system, with possibly an “S” added to the beginning of the order number - it would not require much research to find out. This allows a diligent analyst to simply track the order number at the beginning of a quarter and then again at the end of the quarter to know the total number of orders for the period multiplying this by the estimated amount/order (which can be derived from the previous tracking period) gives revenue.

It is pretty crazy that a $9BN market cap company with $1.886BN in sales last quarter exposes this information. Again, there are many factors which go into valuing FL, and we are not providing any sort of investment idea on the name, but being able to forecast revenue certainly goes a long way to assisting any analyst covering the name as well as the space and is just another example of how intelligently using data can really assist a diligent investor.