Dick's Sporting Goods

Services | Sporting Goods Stores | USA

Dick's Sporting Goods Slides on Falling Sales

Dick's Sporting Goods slides after the sporting goods retailer beats Wall Street's fourth-quarter earnings forecasts but reports falling sales.

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The Coraopolis, Pennsylvania-based company reported fourth-quarter net income of $102.6 million, or $1.07 a share. Adjusted earnings came to $1.22, exceeding analysts' estimates of $1.06. Net sales declined 6.5% from a year ago to about $2.49 billion, but were ahead of analysts' expectations of $2.48 billion. Same-store sales dipped 2.2%, compared with the FactSet estimate of down 3.3%. A year ago, the company reported earnings of $115.9 million and earnings of $1.11 a share.

For the fiscal year, the company reported earnings of $319.9 million, or $3.24 a share.  Net sales decreased 1.8% from a year ago to $8.44 billion. Same-store sales decreased 0.3%.

Dick's Sporting Goods said it expects earnings for the next fiscal year of about $3.15 to 3.35 a share.

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https://www.thestreet.com/investing/dick...yptr=yahoo