Dick's Sporting Goods Reports Profit Decline, Cuts Outlook Due to Rising Retail Theft

Dick's Sporting Goods reported a 23% drop in second quarter profits, missing Wall Street expectations.
The company attributed the profit decline primarily to elevated inventory shrink, which refers to lost inventory from theft or other causes.
Dick's cut its full-year earnings per share outlook, expecting continued impacts from theft and slower sales.
The retailer plans to implement increased security measures and collaborate with law enforcement to address organized retail crime.
Other major retailers like Target, Walmart and Home Depot have also cited rising theft levels affecting financial results.