Dick's Sporting Goods stock falls 20% as retailer misses expectations, cites 'challenging' footwear market

Dick's Sporting Goods reported second fiscal quarter earnings on Tuesday that missed Wall Street expectations amid what it called a "challenging" environment.

Foot Locker comparable sales fell 3.6% in the quarter as a promotional athletic footwear market weighed on the newly acquired chain

Dick’s Sporting Goods cut its full-year sales and profit forecasts on Tuesday, as pressured discretionary spending amid a cautious consumer environment weighed on demand for sporting goods and athletic apparel, sending its shares down 13 per cent in premarket trading.