Dick's Sporting Goods Inc DKS shares are falling on Wednesday alongside several other retailers after Target Corp TGT announced worse-than-expected earnings results.
Target reported first-quarter earnings of $2.19 per share, which missed the estimate of $3.07 per share, according to data from Benzinga Pro.
Operating income margin rate also came in below expectations at 5.3% in the first quarter compared with 9.8% in 2021, driven by gross margin pressure reflecting actions to reduce excess inventory as well as higher freight and transportation costs.
Related Link: 'We Faced Unexpectedly High Costs': Why Target Shares Are Falling Today
Dick's Sporting Goods is scheduled to report its first-quarter financial results before the market opens on May 25.
DKS Price Action: Dick's Sporting Goods shares are making new 52-week lows on Wednesday.
The stock was down 11.8% at $81.54 at time of publication.
Photo: Mike Mozart from Flickr.
© 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
Trade confidently with insights and alerts from analyst ratings, free reports and breaking news that affects the stocks you care about.
