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Dick’s Sporting Goods slashes full-year outlook after profit and sales miss

The sporting-goods retailer reported profit and sales below expectations and cut its full-year outlook, driving a record selloff in its shares.

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Dick’s Sporting Goods shares fell sharply after the company reported profit and sales that came in below expectations, according to MarketWatch.

MarketWatch said the retailer also cut its full-year outlook, pointing to weaker demand, particularly for sneakers that were not selling without deeper discounts.

The stock’s decline marked its worst day ever, reflecting investor reaction to the earnings and guidance miss.

MarketWatch reported that the company’s outlook reduction followed the profit and sales miss for the period.

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