Dick's Sporting Goods shares drop after downbeat guidance

Shares of Dick's Sporting Goods Inc. fell 0.6% in Thursday premarket trading after the retailer announced guidance below estimates. Dick's reported net income of $56.9 million, or 50 cents per share, down from $63.3 million, or 53 cents per share, last year, but exceeding the FactSet consensus of 49 cents per share. Sales for the quarter met the FactSet consensus at $1.66 billion, up from $1.57 billion last year. Same-store sales increased 0.5%, ahead of the 0.3% FactSet consensus. Dick's expects second-quarter earnings per share between 62 cents and 72 cents. The FactSet consensus is 78 cents per share. And same-store sales for the second quarter are expected to be between negative 4% and negative 1%. The FactSet consensus is positive 0.6%. Full-year earnings per share are expected to fall in the range of $2.60 and $2.90, below the FactSet consensus of $2.95. Same-store sales are expected to be in the range of negative 1% and positive 1%, also below the positive 1.4% FactSet consensus. "Given the expected near-term liquidation activity in the market, we have adjusted our guidance to contemplate this dynamic," said Chief Executive Edward Stack in a statement. Dick's shares are up 7.8% for the year so far, but down 28.7% for the past year. The S&P 500 is down 3.8% for the last 12 months.

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