Dick's Sporting Goods cuts outlook after Foot Locker drags earnings

Dick's Sporting Goods reported second-quarter earnings on Tuesday that missed Wall Street expectations and prompted the retailer to lower its full-year financial outlook, citing a challenging athletic footwear market that has particularly impacted its recently acquired Foot Locker business. The company's stock fell sharply in premarket trading following the results. For the quarter ended August 1, the Pittsburgh-based retailer posted net income of $315 million, or $3.50 per diluted share. This was down from $381 million, or $4.71 per share, in the same period a year earlier. After adjusting for one-time items, including costs related to its Foot Locker acquisition, earnings came to $3.