Shares of Foot Locker Inc. dropped 4.2% in afternoon trading, and were headed for a third straight loss, ahead of the athletic shoe and accessories retailer’s fiscal first-quarter report. The stock has now slid 10.2% since closing Monday at a four-year high of $65.82. The company is scheduled to report quarterly results before Friday’s opening bell, with the FactSet consensus estimates for earnings per share of $1.12, net sales of $1.90 billion and same-store sales growth of 53.7%. The stock has declined on the day earnings were reported the past two quarters by and average of 6.9%, and after six of the past eight reports, by an average of 10.0%, according to FactSet data. The stock gained an average of 4.7% the two times it rose after earnings. Foot Locker’s stock has rallied 46.1% year to date, while the SPDR S&P Retail ETF has climbed 41.2% and the S&P 500 has gained 10.8%.
Market Pulse Stories are Rapid-fire, short news bursts on stocks and markets as they move. Visit MarketWatch.com for more information on this news.