Wednesday, August 29, 2018

Dick's Sporting Goods plunges after saying it saw 'significant declines in Under Armour sales'

Business Insider
Dick's Sporting Goods 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. . . . more