Dick’s Sporting Goods shares tumble over 16% after weak earnings and lowered outlook

In pre-market trading, Dick’s Sporting Goods shares slid 16.9% to just under $149, setting up its worst one-day loss since August 2023. The company posted quarterly revenue of $5.59 billion and earnings per share of $3.53, falling short of FactSet consensus forecasts. It also trimmed its annual net-sales outlook to a range of $22.1-$22.4 billion, citing a tough one outlet footwear and apparel environment, and projected a 2% decline in Foot Locker sales after a 3.6% drop in comparable sales.

CEO Lauren Hobart emphasized continued confidence in the business and the long-term opportunity at Foot Locker. The decline adds to a 10.4% year-to-date slide in the stock and follows similar setbacks at peers such as JD Sports, which saw its shares fall over 13% after reporting a near-7% drop in North American sales.