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Foot Locker shares tumble on earnings report

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In premarket trade this morning, Foot Locker Inc.'s shares dropped by as much as 15 percent.

The drop follows its quarterly report that showed net income of $51 million compared with $127 million a year earlier. Adjusted earnings per share were 62 cents, well below the 90 cents FactSet consensus.

Revenue dropped 4.4 percent to $1.7 billion, below analysts' expectations of $1.8 billion.

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