Dicks crashes following a surprising earnings miss
Investing.com
Published Aug 15, 2017 03:39PM ET
Dicks crashes following a surprising miss
Investing.com -Dick’s Sporting Goods Inc's (NYSE:DKS) shares crashed on Tuesday after the company released its latest quarterly results which missed analysts expectations while the company also lowered its full-year outlook.
Dicks posted adjusted earnings of 96 cents per share on $2.16 billion in revenue. Analysts expected EPS of $1 and sales of $2.16 billion
Comparable store sales (at locations open for at least one year) increased by just 0.1%, well below the 1.8% expected.
The results were disappointing especially considering that the company was expected to increase its market share due to the bankruptcy of Sports Authority. Dick's won an auction bid for Sports Authority's intellectual property and brand name.
Dicks also updated its full-year adjusted EPS forecast to $2.80-$3.00, down from the $3.65-$3.75 prior.
Dicks' shares were down 22% Tuesday afternoon. They fell as low as $27.08, their lowest price point since 2010.
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Written By: Investing.com
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