For example, Foot Locker Inc. ramped up markdowns in April to clear through excess inventory and drive sales. However, even with the aggressive promotions, the athletic retailer recently reported a sales drop of 11.4% to $1.9 billion for its fiscal first quarter ended April 29. Same-store sales for the period fell 9.1%. Meanwhile net income shrunk to $36 million, from $133 million a year earlier.
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