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.

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