Dick's Sporting Goods stock DOWN 24% after company says THEFT is killing it.

T

Text Drivers are Killers

Joe Biden - "Time to put Trump in the bullseye."
Obvious solution -- Ban blacks from entering stores. Liberal businesses routinely refuse service to people just for being conservative!

https://www.cbsnews.com/boston/news/dicks-sporting-goods-retail-theft-earnings-stock/

aug 22 2023 NEW YORK - Dick's Sporting Goods warned Tuesday that retail theft is damaging its business and would lead to lower annual profits.

The sporting goods and athletic clothing seller reported second-quarter results Tuesday morning that included a 23% drop in profit, despite sales that rose 3.6% in the period. Shares of Dick's (DKS) plunged nearly 22% Tuesday.

The company blamed shrink, the industry term for theft and damaged inventory, for its surprisingly poor earnings. Although other national retailers have also warned investors about growing theft, Dick's is among the first to blame its lackluster quarterly financial report primarily on theft.

"Our [second-quarter] profitability was short of our expectations due in large part to the impact of elevated inventory shrink, an increasingly serious issue impacting many retailers," CEO Lauren Hobart said in a statement. Retail "shrink" is a term that refers to merchandise that goes missing due to theft, fraud, damage, accounting errors or other reasons.

Looking ahead, the retailer said it now expects its earnings-per-share for the year to come in 12% below its initial forecast. The Pittsburgh-based retailer stuck to its full-year forecast for sales at stores open at least a year: flat to up 2%.

Retailers large and small say they are struggling to contain an escalation in store crimes — from petty shoplifting to organized sprees of large-scale theft that clear entire shelves of products. Target warned earlier this year that it was bracing to lose half a billion dollars because of rising theft.
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Hawkeye10 said:
We are all in the same shitty boat.
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Disagree. I no longer go into most cities. Anchorage is still good. I’ve been in Bellingham, WA. Sill good there.
Haven’t been in Boise, ID for a while but last time I was there… still good.
I can’t think of any others worth a shit.

 
T. A. Gardner said:
Leftist, Progressive, Democrat run cities...
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Must be at least 95% of cities are dim run.
There are a few that actually get it right.
Bellingham does not allow itself to become a Portland… so far. They actually enforce laws on the books.
It’s really not that hard.
 
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