Neil Saunders, managing director of GlobalData, said in a statement that a large portion of Dick’s quarterly profit drop appeared to be due to theft.
FILE - Gus Promollo puts an order in a customer's trunk at Dick's Sporting Goods on May 18, 2020, in Paramus, N.J. Dick's Sporting Goods profit slipped in its second quarter and missed Wall Street's expectations as the retailer cut its full-year profit outlook, citing worries over theft at its stores. Pa.
Many retailers have struggled with theft concerns. In May Target said theft was cutting into its bottom line and that it expected related losses could be $500 million more than last year, when losses from theft were estimated to be anywhere from $700 million to $800 million. So that means losses could top $1.2 billion this year.
Sales at stores open at least a year, a key gauge of a retailer’s health, increased 1.8%. That compares with a 5.1% decline in the prior-year period.
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