Foot Locker, Inc. (NYSE:FL) stock was falling hard on Friday following the release of its earnings report for the fourth quarter of the year.

During the fourth quarter of the year, Foot Locker, Inc. reported earnings per share of $1.14. This is down from its earnings per share of $1.37 from the same time last year. It also comes in well below Wall Street’s earnings per share estimate of $1.25 for the period and was a blow to FL stock.

Foot Locker, Inc. also reported a net loss of $49 million for the fourth quarter of 2017. This is s a drop from its net income of $189 million that was reported in the fourth quarter of 2016. FL notes this was due to the recent tax reform and current tax litigation. Together the charges were $227 million.

Operating income reported by Foot Locker, Inc. for the fourth quarter of the year was $79 million. The sports wear retailer reported operating income of $278 million in the fourth quarter of the previous year.

Foot Locker, Inc.’s revenue of $2.21 billion for the fourth quarter of the year also didn’t do FL stock any favors today. The company’s revenue from the same period of the year prior was $2.11 billion. Analysts were looking for revenue of $2.22 billion for the quarter.

“The first quarter of 2018 will likely see the continuation of sales and margins in line with trends in the second half of 2017,” Lauren Peters, Executive Vice President and CFO of Foot Locker, Inc., said in a statement. “However, we are confident that we will inflect back to positive comparable-store sales by the middle of 2018.”

As of this writing, William White did not hold a position in any of the aforementioned securities.