Dick's Sporting Goods shares continue slump

Shares of Dick's Sporting Goods Inc. continued to slide on Friday, hitting a 52-week low as investors shed the stock.

Shares fell 38 cents, or 2.1 percent, to $17.99 during midday trading, after earlier trading to a new low of $17.84. The stock had traded between $18.33 and $36.77 during the past 52 weeks. Since the beginning of the month, the stock has dropped 21 percent.

Sporting-goods retailers are suffering as consumers cut discretionary spending _ particularly on big-ticket items such as sporting equipment _ amid high food and gas prices, tightening credit and the prolonged slump in the housing market.

In May, Dick's Sporting Goods reported fiscal first-quarter earnings fell 4 percent, hurt by declining sales at established stores, particularly its Golf Galaxy stores. Revenue rose 11 percent but fell short of analyst expectations.