DICK'S Sporting Goods Inc DKS shares are trading higher by 2.84% to $114.80 during Monday's session. The stock is rebounding after falling last week after the company reported second-quarter results and downbeat guidance.
A downward revision in guidance by Dick's could lead investors to question the overall health of the retail market for sporting goods and apparel. This sentiment could extend to other companies in the same sector as investors may then fear a trend of reduced consumer spending.
What Happened?
Dick's Q2 sales grew 3.6% Y/Y to $3.22 billion, missing the analyst consensus of $3.23 billion.
Comparable store sales increased 1.8% versus a 5.1% decline a year ago.
Gross profit margin contracted 160 basis points Y/Y to 34.4%. The operating margin contracted 510 basis points to 9.7%, and operating income for the quarter fell 32.3% Y/Y to $311.8 million...Read More
According to data from Benzinga Pro, DKS has a 52-week high of $152.61 and a 52-week low of $98.01.
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