Shares of Dick’s Sporting Goods (NYSE:DKS) fell sharply Wednesday after the company reported quarterly earnings that topped analysts’ estimates and raised its full-year outlook.
The sporting goods retailer’s stock was down $1.98, or 5.5%, in early trading on the news, to $33.80, having climbed about 18% over the past 12 months.
Dick’s reported adjusted earnings of 62 cents a share for its fiscal first quarter on revenues of $1.92 billion. That was ahead of expectations for earnings per share of 58 cents on sales of $1.9 billion, based on a survey of analysts.
For the year, Dick’s says it now expects to earn, on an adjusted basis, between $3.20 and $3.40 a share, up from a previous range of $3.15 to $3.35.
CEO Ed Stack said same-store sales at Dick’s "turned positive in March and remained positive in April, as we started to see the benefits of our key strategies and investments." Overall, for the quarter, same-store sales were flat, compared with a drop of 2.5% during the same period a year ago.
DKS also reported online sales were up 15% during the first quarter.
The Company expects to open seven new DICK'S Sporting Goods stores and relocate three DICK'S Sporting Goods stores in 2019. The Company also expects to open two new Golf Galaxy stores and relocate one Golf Galaxy store in 2019. Six of the new stores are expected to open during the third quarter.
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