Dick's Sporting Goods (NYSE: DKS), the largest full-line sporting goods retailer in the world, announced Thursday the highest decrease of shares in 52 weeks.
The company's stock went down $5.24, or 19.7 percent, to $21.30 during midday trading, after earlier trading to a 52-week low of $21.20. The stock has traded between $23.81 and $36.77 during the past 52 weeks.
The fall occurred as a result of failed first-quarter expectations and lowered fiscal-year forecast.
Weak sales decreased first-quarter profit of the Findlay Township - based company by 4 percent.
In addition the current economic environment makes Dick’s cautious about further predictions for the remainder of the year.
Dick's Sporting Goods has locations in thirty-four states with 345 stores.