Dick’s Sporting Goods Inc.’s stock DKS, +0.29% tumbled 19% in premarket trade Tuesday, after the retailer’s second-quarter profit missed consensus by a wide margin, while sales also fell short. Pittsburgh-based Dick’s posted net income of $244 million, or $2.82 a share, for the quarter, down from $19 million, or $3.25 a share, in the year-earlier period. Adjusted per-share earnings also came to $2.82, below the $3.81 FactSet consensus. Sales rose 3.6% to $3.224 billion from $3.
“While we posted another double-digit EBT margin, our Q2 profitability was short of our expectations due in largepart to the impact of elevated inventory shrink, an increasingly serious issue impacting many retailers,” said CEO Lauren Hobart in a statement. “Despite moderating our 2023 EPS outlook, the enthusiasm we have for our business and the confidence we have in ourlong-term growth opportunities have never been stronger.
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