Footwear and apparel retailer Foot Locker (NYSE:FL) will be announcing earnings results tomorrow before market open. Here's what investors should know.

Last quarter Foot Locker reported revenues of $1.86 billion, down 9.9% year on year, missing analyst expectations by 1%. It was a weak quarter for the company, with a miss of analysts' earnings estimates. Furthermore, it lowered its full-year revenue and EPS estimates again after doing the same during its Q1 earnings.

Is Foot Locker buy or sell heading into the earnings? Read our full analysis here, it's free.

This quarter analysts are expecting Foot Locker's revenue to decline 9.9% year on year to $1.96 billion, a further deceleration on the 0.7% year-over-year decrease in revenue the company had recorded in the same quarter last year. Adjusted earnings are expected to come in at $0.22 per share.

The analysts covering the company have been growing increasingly bearish about the business heading into the earnings, with revenue estimates seeing six downwards revisions over the last thirty days.The company missed Wall St's revenue estimates three times over the last two years.

Looking at Foot Locker's peers in the apparel and footwear retail segment, some of them have already reported Q3 earnings results, giving us a hint of what we can expect. Hibbett's revenues decreased 0.3% year on year, beating analyst estimates by 3.7% and Dick's reported revenues up 2.8% year on year, exceeding estimates by 3.3%. Hibbett traded flat on the results, and Dick's was up 8.7%.

Read our full analysis of Hibbett's results here and Dick's's results here.

There has been positive sentiment among investors in the apparel and footwear retail segment, with the stocks up on average 10.3% over the last month. Foot Locker is up 12.9% during the same time, and is heading into the earnings with analyst price target of $19, compared to share price of $23.2.

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The author has no position in any of the stocks mentioned.