Dick’s Sporting Goods plunges as Foot Locker weakness cuts outlook

Dick’s Sporting Goods shares suffered a record plunge after second-quarter results missed estimates and the company cut full-year outlooks on sharp Foot Locker weakness, and shareholder-rights firm Levi & Korsinsky said it is investigating whether investor disclosures were adequate. Net sales of about $5.59 billion and adjusted EPS of $3.53 trailed consensus near $5.64 billion and $3.78; Foot Locker pro forma comps fell 3.6% and its full-year comps outlook swung from the 1.5%–3% growth range reiterated after the first quarter to between minus 2% and flat. Shares opened around $142.36, down nearly $37 or about 20.62%, and later session accounts put the drop near 30.7% around $124 with a fresh 52-week low near $123.60, while Nike and other athletic names weakened.

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