Dick's Sporting Goods stock falls 30% as retailer misses expectations, cites 'challenging' footwear market

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

Shares of the sporting-goods retailer suffering a record selloff as profit and sales missed expectations and the full-year outlook was slashed.

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.