Dick’s Sporting Goods now sees full-year same-store sales flat to down in low single digits

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Dick’s Sporting Goods’ stock sinks after sales miss, downbeat outlook offsets profit beat

Shares of Dick’s Sporting Goods Inc. sank 6.3% in premarket trade Tuesday, after the sporting goods retailer beat fiscal fourth-quarter profit expectations, but missed on sales and provided a downbeat outlook. Net income for the quarter to Feb. 3 rose to $116.0 million, or $1.11 a share, from $90.2 million, or 81 cents a share, in the same period a year ago. Recent tax legislation resulted in a $6 million charge during the quarter. Excluding non-recurring items, adjusted earnings per share came to $1.22, above the FactSet consensus of $1.20. Revenue rose to $2.66 billion from $2.48 billion, but was below the FactSet consensus of $2.74 billion, as the same-store sales decline of 2.0% compared with expectations of a 0.9% decline. For 2018, the company expects same-store sale to be flat to down in the low single-digit percentage range, while the FactSet consensus is for a 0.2% rise. The stock had rallied 7.6% over the past three months through Monday, while the SPDR S&P Retail ETF had gained 1.5% and the S&P 500 had advanced 4.5%.

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