Dick's Sporting Goods Profits Drop 23%

Dick’s Sporting Goods reported a 23% decline in profits and revised its earnings outlook due to increased retail theft and sluggish sales in its outdoor category. Its Q2 earnings per share stood at $2.82 compared to an expected $3.81, and revenue reached $3.22 billion instead of the anticipated $3.24 billion. The company attributed the lower profit to elevated inventory shrink, which refers to losses from theft or internal issues. CEO Lauren Hobart expressed confidence in the company's long-term growth potential despite these challenges. Dick’s adjusted its full-year earnings guidance to $11.33 to $12.13 per share, down from the earlier $12.90 to $13.80 range.