Why Dick's Sporting Goods Shares Are Falling Following Nike's Earnings Report

DICK'S Sporting Goods Inc DKS shares are trading lower by 5.9% to $106.29 Friday afternoon. Shares of retail and apparel companies at large are trading lower in sympathy with Nike Inc NKE, which fell after the company reported first-quarter financial results.

What Happened?

Nike said fiscal first-quarter revenue increased 4% year-over-year to $12.7 billion, which beat average analyst estimates of $12.27 billion, according to Benzinga Pro. Nike reported quarterly earnings of 93 cents per share, which beat average estimates of 92 cents per share. Earnings were down 20% on a year-over-year basis...Read More

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According to data from Benzinga Pro, Dick's Sporting Goods has a 52-week high of $142.78 and a 52-week low of $63.45.