Customers walk with Foot Locker shopping bags on the Third Street Promenade in Santa Monica, California.Patrick T. Fallon | Bloomberg | Getty ImagesFoot Locker reported another quarter of falling sales and slashed its outlook for the second time this year on Wednesday as inflation-weary consumers think twice before shelling out for footwear and apparel. The company’s shares opened more than 30% lower Wednesday. Nike dropped about 4% in sympathy.The sneaker giant’s adjusted fiscal second-quarter earnings were in line with Wall Street’s expectations, but fell short of analysts estimates on sales and saw another quarter of slimmer margins due to promotions and higher shrink. Here’s how Foot Locker did in the three-month period that ended July 29 compared with what Wall Street was anticipating, based on a survey of analysts by Refinitiv:Earnings per share: 4 cents adjusted vs. 4 cents expectedRevenue: $1.86 billion vs. $1.88 billion expectedThe company swung to a loss of $5 million, or 5 cents per share, compared with a profit of $94 million, or 99 cents a share, a year earlier. Excluding one-time items, the company reported earnings of 4 cents per share. Sales declined to $1.86 billion, down 9.9% from $2.07 billion a year earlier. The dismal quarter prompted Foot Locker to lower its forecast again – just five months after introducing it. The company also paused its quarterly cash dividend beyond its board’s recently approved October payout of 40 cents per share.The athletic apparel retailer now expects sales to drop 8% to 9% for the year, compared with a previously issued forecast of down 6.5% to 8%. It is projecting a decline in same-store sales of 9% to 10%, compared with its previous guidance of down 7.5% to 9%. The company cut its adjusted earnings guidance to $1.30 to $1.50 per share, down from $2.00 to $2.25 a share.  “We did see a softening in trends in July a …
