PITTSBURGH, Penn. (BRAIN) — Dick’s Sporting Goods has posted its sales and earnings for the first quarter of 2017, which ended April 29. The company reported a consolidated net income of $58.2 million, or $0.52 per diluted share for the period, in line with the company’s first-quarter expectations of $0.48 to 0.53 per share. Dick’s net sales for Q1 increased 9.9 percent to about $1.8 billion.
But Dick’s consolidated same-store sales missed company guidance, and this news sent shares tumbling 9.6 percent in Tuesday’s pre-market trading. Dick’s reported that same-store sales increased 2.4 percent, lower than the expected 3 to 4 percent growth for the period. First quarter 2016 consolidated same-store sales increased 0.5 percent.
The sporting goods retailer reported earnings of $0.54 per share adjusted on sales of $1.83 billion for the first quarter and non-GAAP earnings of $60.3 million for the first quarter. These results do not include the costs incurred to convert former Sports Authority stores into Dick’s locations.
“In the first quarter, we generated non-GAAP earnings per diluted share near the high end of our guidance. Despite a challenging retail environment, we realized growth across each of our three primary categories of hardlines, apparel and footwear, and …read more