Dick's Sporting Goods falls after cutting annual forecasts
DKS•Nike shares also weaker in premarket trading
Shares of sportswear giant Nike (NKE.N) fell about 2% premarket.
Up to the last close, DKS stock was down about 9% year to date.
Shares fall after forecast cut and mixed quarter
- Shares of sportswear retailer Dick's Sporting Goods (DKS.N) were down about 15% at $152.02 premarket.
- The company cut its sales and adjusted profit forecasts, citing pressures from higher promotions, fewer launches and their weak performance during the second quarter.
- It now expects annual net sales of between $21.9 billion and $22.2 billion, compared with its previous forecast of $22.1 billion to $22.4 billion.
- It sees 2026 adjusted earnings in the range of $11.00 to $12.00 per share, compared with its prior forecast of $13.50 to $14.50.
- The company reported second-quarter revenue of $5.59 billion, missing estimates of $5.65 billion.
- Adjusted EPS came in at $3.53 versus estimates of $3.76.
