Dick’s Falls as Wall Street Frets Over Execution on Foot Locker

Dick’s Sporting Goods Inc. shares fell as the retailer prepares to acquire Foot Locker Inc., a sign that investors are nervous about management’s ability to turn around the struggling sneaker chain.

The retailer raised its outlook, but not enough to satisfy Wall Street ahead of the transaction. Dick’s now sees comparable sales growth in a range of 2% to 3.5% for the full year and earnings per share at $13.90 to $14.50, above its previous projections. The forecast includes expected impact from all tariffs currently in effect.

“The conservative guidance paints a weak demand picture for the second-half, even ...