Dick’s Sporting Goods Cuts Profit Outlook As Inventory Theft Worsens

Dick's Sporting's comparable-store sales rose slightly on increased transactions and market share gains.

Variety of sport accessories on wooden surface.
(Image credit: Andrew Popov / Getty Images)

Dick’s Sporting Goods’ (DKS) sales and earnings results missed expectations as the retailer reduced its full-year outlook amid the “increasingly serious issue” of inventory theft.

The company’s stock responded to the news by plummeting more than 20% in the day’s trading.

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Joey Solitro

Joey Solitro is a freelance financial journalist at Kiplinger with more than a decade of experience. A longtime equity analyst, Joey has covered a range of industries for media outlets including The Motley Fool, Seeking Alpha, Market Realist, and TipRanks. Joey holds a bachelor's degree in business administration.