Aug. 20 at 10:18 PM
Instacart announced a partnership with Foot Locker that will bring Foot Locker, Kids Foot Locker and Champs Sports to its delivery platform, covering more than 1,000 U.S. stores and offering delivery within an hour without price markups.
The deal, timed for the back-to-school shopping season, expands Instacart beyond groceries into footwear and athletic apparel. It follows recent partnerships with Academy Sports and Tractor Supply, reinforcing the company’s push into non-food retail.
The expansion comes after a strong second quarter, with gross transaction value and revenue both rising 14%, adjusted EBITDA increasing 19% and free cash flow improving significantly. The results prompted several Wall Street banks to raise their price targets.
Despite broader market weakness, Instacart shares advanced and reached a new 52-week high, highlighting strong investor confidence in the company’s diversification strategy and recent financial performance.
$CART