Shares of Dick's Sporting Goods plunged 5.75% during intraday trading on Wednesday, following the release of the company's first-quarter financial results.

The decline was primarily driven by an earnings miss and a downward revision to the company's full-year profit forecast. Dick's reported adjusted earnings per share of $2.90 for the quarter, which fell short of analyst expectations. Concurrently, the company lowered its full-year earnings guidance, citing margin pressures.

Investors reacted negatively to the increased costs associated with the integration and transformation of the recently acquired Foot Locker business, as well as heightened marketing investments tied to the upcoming FIFA World Cup, which are expected to weigh on profitability in the near term.