By Dean Seal

Shares of Dick’s Sporting Goods Inc. opened 11% lower at a 52-week low of $63.45 after the company cut its annual earnings outlook in the face of uncertain macroeconomic conditions.

The sports-equipment retailer said it now expects earnings of between $7.95 to $10.15 a share for the fiscal year, down from guidance in March for between $9.96 to $11.13 a share. On an adjusted basis, earnings are expected to be in the range of $9.15 to $11.70, rather than $11.70 to $13.10 it previously forecast.

The company said it is also expecting same-store sales to fall between 2% and 8% this year, compared with an earlier projection of being flat or down no more than 4%.

Dick’s posted first-quarter income of $260.6 million, or $2.47 a share, down from $361.8 million, or $3.41 a share, a year ago. Adjusted earnings were $2.85 a share, above Wall Street expectations of $2.52, according to FactSet.

Revenue came in at $2.7 billion, down from $2.9 billion last year but above the expectation of $2.6 billion from analysts polled by FactSet.

Write to Dean Seal at [email protected]


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