Shares of athletic footwear and apparel makers fell after Dick's Sporting Goods reported weaker-than-expected quarterly earnings and cut its full-year profit outlook, citing rising inventory levels and heavy promotional discounting across the sector. Figs fell 3.8%, Funko fell 3.7%, Caleres fell 3.6%, Nike fell 2.6%, and Genesco fell 3.4%. Retail executives noted that excess inventory in athletic shoes and clothing has led to an increasingly promotional environment, as consumers hesitate to make discretionary purchases without substantial discounts. Footwear product launches also underperformed expectations during the quarter. The retail update has intensified investor worries about persistent headwinds in consumer discretionary spending.
Dick’s Sporting Goods IncDick's reported weaker-than-expected earnings and cut its full-year profit outlook due to rising inventory and promotional discounting.
Caleres Inc
Funko Inc
Genesco Inc
Nike Inc
Figs Inc