Dick's Sporting Goods stock falls 15% as retailer misses expectations, cites 'challenging' footwear market

JUST IN: $DKS Dick's Sporting Goods sinks 15% after missing earnings expectations, citing a 'challenging' athletic footwear and apparel marketplace.

Dick's Sporting Goods just dropped fifteen percent, and here's the twist. The core business is fine.

Dick's own stores grew comparable sales almost five percent, helped by a World Cup bump. Sales overall nearly doubled to five point six billion. So what broke? Foot Locker. The chain Dick's bought for two point four billion last year saw sales fall three point six percent, and now the whole company is cutting its forecast, blaming a challenging athletic footwear and apparel marketplace.

Net income came in at three hundred fifteen million, down from three eighty one a year ago. Full year sales outlook, trimmed. Operating income outlook, cut by over two hundred million at the midpoint. CEO Lauren Hobart says she's still highly confident in the long term Foot Locker opportunity, which is what you say when the short term one just cost your shareholders fifteen percent.

Sportswear is booming everywhere except the shoe chain they paid billions for. That's the whole story.

This is Sara White, reporting for HIT.