Dick’s Sporting Goods (DKS) earnings Q2 2023


Dick’s shares fall 20% as retailer slashes outlook over theft concerns

Dick’s Sporting Goods reported a 23% drop in profits and slashed its earnings guidance for the year after it saw an uptick in retail theft and implemented aggressive markdowns to clear out excess inventory in its outdoor category, the company announced Tuesday. 

For the first time in three years, Dick’s fell short of Wall Street’s estimates on the top and bottom lines. It also announced cuts to its global head count. The company’s shares closed 24% lower Tuesday, wiping out the stock’s 22% year-to-date gain through Monday’s close.

Here’s how the company did in its second fiscal quarter compared with what Wall Street was anticipating, based on a survey of analysts by Refinitiv:

  • Earnings per…

Source cnbc.com

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