DICK’S Sporting Goods, Inc. (NYSE:DKS) stock plunged Tuesday after the retailer missed second-quarter earnings and sales estimates. The company also cut its full-year outlook as weakness at Foot Locker weighed on results.
Net sales rose 53.2% year over year to $5.59 billion. However, that missed the $5.65 billion estimate.
Adjusted earnings fell to $3.53 per share from $4.38 a year earlier. The result missed the $3.77 estimate. GAAP earnings declined to $3.50 per share from $4.71.
Core Business Grows As Foot Locker Struggles
The core DICK’S business generated $3.85 billion in sales and $485.2 million in segment profit.
