Dick’s Sporting Goods cut its earnings outlook for the year after posting a decline in first-quarter sales, the latest retailer projecting struggles as inflation pinches consumer wallets.
The sports equipment and apparel chain said same-store sales, which reflect stores open at least a year and include digital sales, dropped 8.4% in the quarter while overall sales fell 7.5% from a year earlier. The company said it is now projecting same-store sales could fall as much as 8% this year and lowered its profit outlook.
