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Dick's Sporting Goods warns of Foot Locker store closures after profits fall short

Dick’s Sporting Goods on Tuesday missed estimates for third-quarter profit and warned of up to 750millioninchargestiedtoasweepingreviewofitsrecentlyacquiredFootLockerbusinessthatincludesstoreclosuresandinventorycleanup.Sharesofthecompanyfell morethan1750 million in charges tied to a sweeping review of its recently acquired Foot Locker business that includes store closures and inventory cleanup.Shares of the company fell more than 1%. The footwear retailer also forecast a sharp drop in quarterly gross margin at Foot Locker. 3 Dick’s Sporting Goods on Tuesday missed estimates for third-quarter profit and warned of up to 750 million in charges tied to a sweep ...