Dick’s Falls as Foot Locker Turnaround Costs Raise Concerns

Dick’s Sporting Goods Inc. raised its outlook again, but investors focused on the costs of trying to turn around the Foot Locker sneaker chain it recently acquired for about $2.5 billion.

Ed Stack, the executive chairman for Dick’s, said in the earnings statement that the company has taken actions to “clean out the garage” at Foot Locker, including clearing slow moving inventory and closing underperforming stores.