Dick's Sporting Goods shares slumped 22% after the retailer reported second-quarter earnings that missed Wall Street expectations and cut its full-year outlook, with weakness at newly acquired Foot Locker weighing on the broader business.
The company reported net sales of $5.59 billion for the quarter ended August 1, up from $3.65 billion a year earlier, helped by the addition of Foot Locker and growth in its core sporting goods business. The figure, however, came in below market expectations of $5.65 billion.
