big number
10.4%. That’s how much Dick’s shares have declined this year before Tuesday’s slump.
Read more Bitcoin Crosses $80,000 For The First Time Since May Amid Crypto Bounce Back
surprising fact
JD Sports, a London-traded sports retailer, saw its shares drop more than 13% last week after reporting a nearly 7% decline in North America sales. The retailer attributed the decline to “weaker core sentiment, a slower quarter for high-heat footwear product” and “deferred” back-to-school demand.
key background
Dick’s bought Foot Locker for more than $2 billion last year as part of a broader strategy to expand internationally and compete in the athletic footwear market. That deal has since weighed on the retailer’s bottom line, however, and Dick’s last year reported nearly $100 million in charges related to the transaction, including more than $42 million to clear through sale inventory.
Read more Trump Administration Preparing For Largest Visa Revocation In U.S. History, Report Says
tangent
Miniso, a Chinese lifestyle brand that once branded itself as Japan-inspired, was the fastest-growing retailer in the U.S. this last year, according to the National Retail Federation. Miniso posted roughly 53% sales growth in the U.S., outpacing Dick’s, which ranked second and appeared on the NRF’s rankings for the first time.
Read more Will New USPS Rule Impact Your Ballot In November? What To Know
further reading
ForbesThis Chinese Chain Beat Dick’s And Costco To Become The Fastest-Growing Retailer In The U.S.By Ty Roush