By Tomi Kilgore and Bill Peters
Dick's and Foot Locker's quarterly results strike out, with a profit and sales miss and a lowered full-year outlook. Shares fell nearly 30% on Tuesday.
Dick's Sporting Goods' stock was seeing a record selloff after the retailer's profit and sales missed expectations and the full-year outlook was slashed.
Dick's Sporting Goods' bleak earnings report and record selloff on Tuesday made a few things clear: Older sneakers and even some newer ones are in trouble, and it's become the entire footwear industry's problem.
During the athletic-gear chain's (DKS) earnings call on Tuesday, Executive Chairman Ed Stack said that "legacy" sneakers were sitting on shelves longer at its stores. The trend, he said, had occurred across the footwear-retail landscape, leading Dick's and its rivals to run more aggressive discounts.
