Dicks Cuts Forecasts as Foot Locker Shares Plunge
Dicks Sporting Goods cut its annual forecasts and reported a missed second-quarter profit estimate. Weak sneaker demand and heavy discounting at Foot Locker sent company shares down 27 percent.
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DICK'S SPORTING GOODS INC slashed its full-year forecasts and posted a 27% share plunge on Monday afternoon after missing second-quarter estimates. The drop marks the retailer's sharpest single-day decline following struggles at its recently acquired Foot Locker business.
