Here's the best way to play the 'rise of sneaker culture' (FL, NKE)

Reuters

• Foot Locker could become a big beneficiary of the "rise of sneaker culture," Jefferies Analyst Randal Konik writes.
• Nike's comeback should help support Foot Locker's future earnings growth, Konik said.
• Shares of the shoe retailer dropped 13.84% on Friday after it reported disappointing quarterly earnings.
• Watch Foot Locker's stock price move in real time here.

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Though Foot Locker has disappointed Wall Street with less-than-stellar earnings this quarter, a Jefferies analyst seems to think the company will get a big performance boost from the "rise in sneaker culture."

Sneakers have become in vogue again, especially among the lower income demographic, Jefferies analyst Randal Konik wrote in a note to clients. Foot Locker has seen a sizable number of cash transactions, which he said is common among the low income group. He believes that renewed interest will only continue to grow with improving employment and wage trends. See the rest of the story at Business Insider

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