Dick’s Sporting Goods on Tuesday missed estimates for third-quarter profit and warned of up to $750 million in charges tied to a sweeping review of its recently acquired Foot Locker business that includes store closures and inventory cleanup.

Shares of the company fell more than 1%.

The footwear retailer also forecast a sharp drop in quarterly gross margin at Foot Locker.

Over the last few years, Foot Locker has lost market share as brands such as Nike expanded their direct-to-consumer business.

Falling customer visits to malls, where most of its stores are located, have also weighed on sales.

Dick’s Sporting Goods bought the smaller rival for $2.4 billion in May.

The company was “taking decisive actions to ‘clean out the garage’ by clearing unproductive inventory, closing under

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