Dick’s Sporting Goods’ shares tanked Tuesday as the retailer struggled to grow first-quarter same-store sales as much as Wall Street was expecting.
Dick’s also warned it is facing a “challenging retail environment” and is focused on cutting costs and streamlining operations — even as it moves ahead with plans to open new stores — in an attempt to turn a negative narrative around.
Shares of the stock were dropping more than 13 percent Tuesday, on track for their biggest one-day decline in three years. Trading volume is already more than double its average daily rate.
