Dick’s Sporting Goods Inc.’s stock tumbled 22% Tuesday, after the retailer’s second-quarter profit missed Wall Street’s consensus estimate by a wide margin, while sales also fell short, and the company squarely blamed theft for its woes.
Many retailers, including the likes of Walmart Inc. WMT, +0.45% and Target Corp. TGT, -1.06%, have complained this earnings season about the growing problem of shrink, which can include damaged goods but increasingly refers to shoplifting, which companies say is frequently being conducted by organized gangs. The issue is costing companies in the retail sector billions of dollars a year, according to executives.
From the archive: Retailers say theft cost nearly $100 billion last year. But are stores using crime stats to cover up other problems? Pittsburgh-based Dick’s DKS, -2.75% 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.
Dick’s is cutting costs via an optimization plan and eliminated hundreds of corporate jobs on Monday, mostly support-center staff. The layoffs impact less than 1% of the overall workforce, a person close to the company told Dow Jones Newswires on Monday.
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