Dick's are really shriveling up these days.
Via Markets Insider:
Dick's Sporting Goods plunged as much as 14% in pre-market trading on Wednesday as a slowdown in Under Armour sales weighed on top-line results.
The sporting-goods retailer earned $1.20 a share during the second quarter, easily beating the the $1.06 that Wall Street analysts surveyed by Bloomberg were expecting. Dick's recorded second-quarter sales of $2.18 billion, missing the $2.23 billion that was anticipated. Comparable sales fell 1.9%, worse than the 0.8% drop that was expected.
"As we continue to focus on driving profitable sales, we are very pleased with our strong gross margin improvement. An improved product cycle, fewer promotions, and a favorable product mix contributed to the overall strength in our merchandise margin," CEO Edward Stack said in the earnings release.
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