Dick’s Sporting Goods profit slipped in its second quarter and missed Wall Street’s expectations as the retailer cut its full-year profit outlook, citing worries over theft at its stores.
said theft was cutting into its bottom line and that it expected related losses could be $500 million more than last year, when losses from theft were estimated to be anywhere from $700 million to $800 million. So that means losses could top $1.2 billion this year.
Dick’s sales during the quarter climbed to $3.22 billion from $3.11 billion. That missed Wall Street’s estimate of $3.24 billion. The Pittsburgh-based chain said it eliminated an unspecified number of jobs at its customer support center to streamline costs this week and expects to post $20 million of severance expense in the third quarter.
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