Dick's Sporting Goods Inc. lowered its full-year outlook amid weakness at its recently acquired Foot Locker unit, overshadowing sales gains during the World Cup. The company now expects net sales to be in a range of $21.9 billion to $22.2 billion in the current fiscal year, down from its previous forecast. The change in outlook was driven by a drop in sales at Foot Locker, the sneaker chain it bought last year for $2.4 billion. Dick's shares sank as much as 12% in premarket trading, while Nike, a major supplier to Dick's and Foot Locker, saw its stock decline as much as 2% premarket. Chairman Ed Stack said conditions across portions of the athletic footwear and apparel marketplace became increasingly promotional, and the company took action to remain competitively priced.
Dick’s Sporting Goods IncLowered full-year outlook due to Foot Locker weakness and promotional environment
Nike IncDeclined premarket as major supplier to Dick's and Foot Locker, facing weak demand
Weakness at Foot Locker unit drove Dick's outlook cut
