Dick's Sporting Goods announced layoffs of an unspecified number of employees due to retail theft cutting into profits. Retail theft and damage to merchandise significantly hurt Dick's second-quarter results more than anticipated. Shrink, which is losses from theft and damage, was the main factor hurting profits, along with weak outdoor category sales. Dick's expects to pay around $20 million in severance costs for staffing cuts impacting its customer support center. The company reported a 1.8% growth in comparable store sales for the recent quarter compared to a 5.1% drop in the same period last year. Dick's stock price dropped over 24% on the day of the earnings report and staffing cut announcement. Dick's employs around 18,800 full-time and 34,000 part-time workers total, according to earlier reported figures.
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00:00 It's Benzinga and here's what's on the block.
00:02 Dix Sporting Goods announced layoffs of an unspecified number of employees due to retail
00:06 theft cutting into profits.
00:08 Retail theft and damage to merchandise significantly hurt Dix's second quarter results more than
00:12 anticipated.
00:13 Shrink, which are losses from theft and damage, was the main factor, hurting profits along
00:18 with weak outdoor category sales.
00:21 Dix expects to pay around $20 million in severance costs for staffing cuts impacting its customer
00:25 support center.
00:27 The company reported a 1.8% growth in comparable store sales from the recent quarter compared
00:31 to a 5.1% drop in the same period last year.
00:35 Dix's stock price dropped over 24% on the day of the earnings report and staffing cut
00:39 announcement.
00:41 Dix employs around 18,800 full-time and 34,000 part-time workers total, according to earlier
00:46 reported figures.
00:47 For all things money, visit Benzinga.com.
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