Dick's Sporting Goods stock sinks after Foot Locker drags down earnings and outlook

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.

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