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.

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 underperforming stores," Dick's executive chairman Ed Stack said in a statement on Tuesday.

Those moves, along with merger and integration c

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