Shares of athletic retail chain Dick's Sporting Goods (NYSE: DKS) dropped on Tuesday after the company reported quarterly financial results showing a sharp drop in its profitability. As of 10:20 a.m. ET, Dick's stock was down almost 24%, falling to its lowest price in 2023.

In the fiscal second quarter of 2023, which ended in July, Dick's had net income of $244 million, a whopping 23% decrease from net income of $319 million in the same quarter of last year. And with its profits unexpectedly fading, shares of Dick's sold off today.

I believe Dick's net income numbers would have been more tolerable if sales had fallen as well. But the company's net sales increased 3.6% year over year (YOY), bolstered by same-store sales growth of 1.8%.

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Source Fool.com