Dick’s Sporting Goods on Tuesday revised its 2026 outlook and warned of weakening consumer demand for athletic apparel and footwear.

The sports apparel and footwear retailer’s stock declined over 29% during Tuesday’s trading session, on pace for a record one-day percentage drop if the losses hold, after it also missed second-quarter estimates and reversed expectations for annual comparable sales growth at Foot Locker.

Dick’s acquired Foot Locker for $2.4 billion last year to boost its presence in the sneaker market and to get access to international markets.

Consumers in the U.S. have become more selective about discretionary purchases as more…

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