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Dick s Sporting Goods stock lost about one-fourth of its value on Tuesday as the retailer posted softer-than-expected earnings for the second quarter of 2023.Dick s reported an astounding 23% drop in net income in the second quarter of 2023 compared to 2022.Even though the company claimed to gain market share in the second quarter, company leaders said a rise in theft dipped into its profits. Two key factors impacted our second qu stanley cup arter gross margin relative to our original expectations,  said Lauren Hobart, Dick s Sporting Goods CEO.  The first was the impact of higher inventory shrink, organized retail crime and theft in general, an increasingly serious issue impacting many retailers. Based on the results from our most recent physical inventory cycle, the impact of theft on our shrink was meaningful to both our Q2 results and our go-forward expectations for the balance of the year. We are doing everything we can to address the problem and keep our stores, teammates, and athletes safe. SEE MORE: Calif. Senate passes bill to stop employees confronting shopliftersNavdeep Gupta, Dick s Sporting Goods  chief financial  stanley cups website officer, estimated th stanley cup at theft represented a third of its merchandise Hseu Louisiana declares state of emergency with Cristobal landfall expected at end of weekend
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