Foot Locker dragged on Dick's Sporting Goods share price this week but the contagion of softer sneaker sales is spreading well beyond the U.S. sports equipment giant.

The sports retailer cut its profit outlook amid a “challenging” market.

Dick's Sporting Goods reported second fiscal quarter revenue on Tuesday that missed Wall Street expectations amid what it called a "challenging" environment.

Dicks Sporting Goods shares plunged 22% after second-quarter earnings missed estimates and the retailer cut its full-year outlook. Weak Foot Locker sales, integration challenges…