Dick’s Sporting Goods Inc. sank in early trading after trimming its outlook for the full year.
The company said Tuesday that it now expects earnings of $11.50 to $12.30 a share this year excluding some items — down from the previous range of $12.90 to $13.80. Profit and sales in the second quarter ended July 29 also came in below analyst estimates.
The shares fell 19% in premarket trading at 7:18 a.m. New York time. The stock had gained 22% this year through Monday’s close, outpacing the advance of the Russell 1000 Index.
Dick’s laid off about 250 employees from its corporate workforce, a person familiar with the matter said Monday. The company had performed well during the pandemic, buoyed by strong demand for athletic-wear and sports gear.
Chief Executive Officer Lauren Hobart has been opening more stores and adding square footage, including new experiential retail spaces with activity areas like putting greens and climbing walls.
