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 expensive gas and food squeeze household budgets, and are focusing discretionary spending on fresh launches in wellness and health categories.

DICK’S SPORTING GOODS PLANS TO CLOSE SOME FOOT LOCKER STORES

“Not only were there fewer launches in the second quarter, but those launches performed below both industry and our expectations,” Executive Chairman Ed Stack said, signaling a more cautious view of the rest of the year. “As a result, we are taking a more cautious view of the balance of the year.”

Dick’s Sporting Goods CEO Lauren Hobart added that while the company is taking a more cautious outlook, it remains “highly confident in the strength of Dick’s Business and our long-term opportunity at Foot Locker.”

The comments by Dick’s executives on the call come after the company had raised its annual target in May and said that it saw encouraging “proof points” to return Foot Locker’s comparable sales to growth.

DICK’S SPORTING GOODS BUYS FOOT LOCKER FOR $2.4 BILLION

Ticker	Security	Last	Change	Change %
DKS	DICK’S SPORTING GOODS	124.31	-55.02	-30.68%

Executives said on a post-earnings call Tuesday that lifestyle and legacy silhouettes were “simply not resonating the way they once did,” which resulted in inflated inventory that led to heavy discounting.

Foot Locker bore the brunt of that trend due its exposure to legacy brands, as well as its presence in Europe and international markets that have struggled amid geopolitical uncertainties.

Neil Saunders, managing director at GlobalData, said that “does not bode well for the major sneaker brands, although they may have been able to offset some of the weakness by leaning more into apparel, especially around the World Cup.”

“Even so, it will set alarm bells ringing for investors,” Saunders added.

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Dick’s projected annual sales of $21.9 billion to $22.2 billion, revised lower from its earlier forecast of $22.1 billion to $22.4 billion.

The company’s quarterly profit of $3.53 per share missed estimates of $3.76. It reported $5.59 billion in net sales for the 13 weeks ending on Aug. 1, which included the FIFA World Cup, which missed estimates of $5.65 billion, according to data compiled by LSEG.

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Dick’s also now expects Foot Locker’s annual comparable sales to be flat to down 2%, and signaled that part of the $59 million in tariff refunds it received will be invested in promotions.

Reuters contributed to this report.

Shares of MTAR Technologies rallied as much as 3% to their day’s high of Rs 7,120 on the BSE on Wednesday after the company won an order worth Rs 127 crore from Nuclear Power Corporation of India for the supply of coolant channel assemblies for reactor refurbishment. With today’s rise, the stock is up 5% in two sessions.

Commenting on the development, the management said it has secured significant orders in the civil nuclear sector over the past few months. “Our closing nuclear order book now stands at more than Rs 775 crore, the highest in MTAR Tech’s history. The sector’s long-term outlook remains promising, and we expect a steady inflow of orders over the coming years”.

MTAR Tech FY27 guidance

The company has guided for 80% revenue growth in the current financial year, with an EBITDA margin of 24% plus or minus 100 basis points. It said its focus extends beyond near-term financial performance, with efforts centered on building a more diversified and resilient business by expanding its product portfolio, increasing wallet share with existing customers and broadening its global customer base.

The company also reiterated its commitment to leveraging its engineering expertise and execution capabilities to strengthen its manufacturing platform and build a world-class manufacturing institution.

MTAR Technologies said it continues to strengthen its position in the civil nuclear power segment, where it supplies critical fuel handling assemblies for nuclear reactor cores. The company recently secured its largest-ever order in this business, worth Rs 504 crore, for the Kaiga 5 and 6 projects, improving order visibility.

It also expects to receive around Rs 150 crore worth of refurbishment orders in FY27 from existing reactors. Looking ahead, the company expects meaningful opportunities from the proposed construction of four reactors at Mahi Banswara, where NTPC is partnering with NPCIL.
It added that the government’s target of achieving 100 GWe of civil nuclear capacity by 2047 presents significant long-term growth opportunities through new reactor construction, refurbishment projects and maintenance contracts.

MTAR Tech Q1 results

The company reported a 364.5% year-on-year jump in Q1 net profit to Rs 50.2 crore from Rs 10.8 crore.

The company’s revenue from operations surged 130.4% year-on-year to Rs 360.7 crore from Rs 156.6 crore. EBITDA nearly tripled to Rs 85.1 crore from Rs 28.4 crore, marking a 199.7% increase, while profit before tax jumped 355% to Rs 67.4 crore.

Commenting on the results, Managing Director Parvat Srinivas Reddy said the company delivered another strong quarter, with performance in line with the growth guidance for the current financial year. He added that, beyond the quarterly numbers, the company has reached an inflection point, with each of its key business verticals well positioned to enter the next phase of growth.

MTAR Tech share price performance

The stock is up almost 200% since the beginning of the year and about 95% in the last six months. In the last one year, the MTAR Tech stock is up over 385% and about 460% in the last 5 years.

(Disclaimer: Recommendations, suggestions, views and opinions given by the experts are their own. These do not represent the views of The Economic Times.)

Vitruvias Therapeutics is recalling one lot of thyroid medication distributed nationwide after testing found the tablets could be more potent than intended, according to a recall notice published by the U.S. Food and Drug Administration (FDA).

The Auburn, Alabama-based company voluntarily recalled Lot 504950 of Thyroid Tablets, USP 30 mg at the consumer level because of the potential for the medication to be “superpotent.” 

The FDA published the company announcement Monday.

Taking superpotent thyroid tablets can cause hyperthyroidism, or an overactive thyroid, with symptoms that can include weight loss, heat intolerance, fatigue, nervousness, muscle weakness, high blood pressure, chest pain, rapid heart rate and heart rhythm disturbances, according to the company.

DOG FOOD RECALLED ACROSS US AND CANADA AFTER COMPLAINTS OF METAL CONTAMINATION

Elderly patients, pregnant women and infants face greater risks from excessive thyroid hormone levels, particularly with extended use, the company said. 

Excess thyroid hormone has been associated with cardiac problems in elderly patients, while overtreatment during pregnancy has been associated with premature delivery and low birth weight. In infants, overtreatment may negatively affect growth and development.

Vitruvias Therapeutics said it has not received any reports of adverse events known to be connected to the recall.

The recalled product carries NDC 69680-166-00 and an expiration date of Sept. 30, 2026. The company released 3,655 units and reported 1,955 units sold.

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The affected lot was distributed nationwide to the company’s direct accounts between Jan. 31, 2025, and Sept. 30, 2025.

Thyroid, USP is derived from porcine thyroid glands and contains levothyroxine and liothyronine. The medication is used to treat hypothyroidism, or an underactive thyroid.

Vitruvias Therapeutics is notifying wholesalers to stop distributing the recalled product and arranging for its destruction.

E COLI AND SALMONELLA OUTBREAK LINKED TO ALFALFA SPROUTS SICKENS DOZENS ACROSS MULTIPLE STATES

Patients currently taking tablets from the affected lot should not stop taking the medication without first contacting their healthcare provider for guidance or a replacement prescription, the company said.

A representative for Vitruvias Therapeutics did not immediately respond to FOX Business’ request for additional information.

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Consumers with questions can contact Vitruvias Therapeutics at safety@vitruvias.com or at 256-239-9373. 

Anyone who has experienced problems that may be connected to the medication should contact a physician or healthcare provider.

The recall is being conducted with the knowledge of the FDA.

Brokerages remain constructive on select stocks, with Varun Beverages, Cyient, and Nykaa emerging as key picks despite differing growth trajectories.Morgan Stanley retained an Overweight rating on Varun Beverages with a Rs 557 target, citing the company’s push into ready-to-drink and alcoholic beverages and its expansion in Tunisia.Nuvama has maintained a Hold on Cyient but raised its target to Rs 1,050 as margins improve, and the company

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Accounting firm Deloitte agreed to pay $21.5 million to settle Department of Justice allegations that it violated the False Claims Act by failing to comply with anti-discrimination requirements in federal contracts and discriminating on the basis of race or sex, the department announced Tuesday.

The settlement resolves allegations that Deloitte violated the False Claims Act by failing to comply with anti-discrimination requirements in its federal contracts and allegedly discriminating against employees and applicants on the basis of their race or sex, according to the DOJ.

The DOJ said business units within Deloitte received monthly summaries tracking the “demographic goals” and alleged that the company’s partners, principals and managing directors were evaluated, in part, based on their contributions to helping it achieve its workforce composition goals.

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The DEI goals, according to the DOJ, attempted to boost the representation of the Black and Hispanic communities in promotion decisions.

“Government contractors cannot reward or penalize employees based on race or sex — and labeling the practice DEI does not make it lawful,” Attorney General Todd Blanche said in a statement. “The Justice Department will aggressively pursue government contractors that have used taxpayer dollars to fund unlawful discrimination.”

Deloitte denies allegations of discriminatory conduct and said the settlement agreement does not represent an admission of liability. The company said it was pleased to resolve the matter to “avoid the cost and distraction of protracted litigation.”

The DOJ said the claims resolved in the settlement are allegations only and that there has been no determination of liability.

The settlement also resolves claims brought under the False Claims Act’s qui tam provisions by the American Alliance for Equal Rights, a group founded by conservative activist and affirmative action opponent Edward Blum, which allows private parties, known as relators, to bring cases on the government’s behalf and potentially receive a share of any recovery.

Whistleblowers are entitled to a cut of any recovery in these cases. Blum’s group will receive $4.3 million as part of Tuesday’s agreement, the DOJ said.

“Merit drives opportunity and promotion. Not someone’s sex or race,” Associate Attorney General Stanley E. Woodward Jr. said in a statement. “Today’s settlement is yet another example of this Department’s commitment to eliminating woke, unconstitutional practices from American workplaces.”

WHITE HOUSE STUDY SAYS DEI POLICIES COST US ECONOMY BY PROMOTING UNQUALIFIED MANAGERS

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This comes as the Trump administration has sought to crack down on DEI initiatives since the president’s return to the White House. This has included executive orders aimed at rooting out DEI practices, such as orders directing federal contractors and subcontractors to certify that they do not operate DEI programs that violate applicable federal anti-discrimination laws.

The administration has targeted public ​and private organizations over DEI, including government agencies and universities. The administration has argued that some race and sex-conscious DEI programs are discriminatory and undermine merit-based decision-making.

Many U.S. companies scaled back ​or amended diversity policies in the wake of Trump’s crackdown.