Thank a Democrat.
Dick’s Sporting Goods reported a 23% drop in profit despite sales increasing 3.6% in Q2.
The company’s CEO Lauren Hobart blamed an ‘increasingly serious’ retail theft problem for the drop in profit.
“Smash-and-grab” theft is on the rise thanks to soft-on-crime Democrat policies.
Masked thieves routinely ransack retailers such as Nordstrom, Macy’s, and sporting goods stores in Democrat hellholes like California and Chicago.
“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.
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 24% 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.
Unbelievable! Dick’s Sporting Goods reported a 23% drop in profit despite sales increasing 3.6% in the Q2.
Retail theft. Criminals are just walking out of stores with merchandise with zero consequences.
Retailers across the board have seen a 26.5% increase in…
— Charlie Kirk (@charliekirk11) August 22, 2023