Shares of Dick's Sporting Goods (DKS - Get Report) were crashing over 17% during Tuesday morning trading after the sporting goods retailer posted weaker-than-expected second quarter earnings while cutting its full-year guidance.
The disappointing quarter leads Quo Vadis Capital analyst John Zolidis to suggest the "the end of the athletic fashion trend," more commonly referred to as athleisure.
The athleisure trend, started by Under Armour (UA - Get Report) , Nike (NKE - Get Report) , Lululemon (LULU - Get Report) , has been "the most important contributor" to Dick's same store sales growth over the last several years, Zolidis wrote in a note obtained by Bloomberg.
Unfortunately for Dick's "this trend is now officially over," Zolidis contends, and cautions his clients to avoid the space.
For its second quarter, Dick's reported adjusted earnings per share of 96 cents, below consensus estimates for earnings of $1. Revenue came in at $2.16 billion, matching expectations. But, same-store-sales only ticked 0.1% higher, below expectations for 1.8%.
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