Dick’s Sporting Goods Stock Plunges as It Cuts Earnings Outlook. Theft Is a Problem.

Dick’s Sporting Goods stock fell sharply Tuesday after the retailer cut its outlook for annual profits due to a loss in inventory and posted a disappointing earnings report.

The company on Tuesday reported $2.82 per share in adjusted profit for the second fiscal quarter, which ended in July, on sales of $3.22 billion. Analysts tracked by FactSet were expecting $3.81 per share on $3.24 billion.The company said its second quarter-results were affected by “inventory shrink,” which refers to the loss of inventory due to factors such as employee theft, shoplifting, and others.

Dick’s reduced its outlook for full-year adjusted profits to $11.50 to $12.30 per share, compared with previous guidance of $12.90 to $13.80.

Nederland Laatste Nieuws, Nederland Headlines

Similar News:Je kunt ook nieuwsberichten lezen die vergelijkbaar zijn met deze die we uit andere nieuwsbronnen hebben verzameld.

Dick’s Sporting Goods announces hundreds of layoffs ahead of earningsRetailer Dick's Sporting Goods has cut hundreds of corporate jobs ahead of its quarterly earnings release Tuesday.
Bron: MarketWatch - 🏆 3. / 97 Lees verder »

Asian Stock Market: Most stock markets rise on technology stocks recoveryThe Asian stock markets experienced an uptick on Tuesday propelled by the rebound of technology stocks. However, concerns regarding the tightening of
Bron: FXStreetNews - 🏆 14. / 72 Lees verder »

Dick’s Sporting Goods’ stock slammed premarket after earnings miss by a wide margin amid uptick in shopliftingDick’s Sporting Goods Inc.’s stock tumbled 19% in premarket trade Tuesday, after the retailer’s second-quarter profit missed consensus by a wide margin,...
Bron: MarketWatch - 🏆 3. / 97 Lees verder »