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Dick's Sporting Goods takes a tumble as it slashes guidance

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Shares slumped 13% to US$35.5 on Tuesday
Shares in Dick’s Sporting Goods (NYSE:DKS) dived on Tuesday as the retailer slashed its earnings guidance after a disappointing quarter.
 
The Pittsburgh-based chain reported a profit of US$47.2mln, or 41 cents a share in the latest quarter, down from a profit of US$49.2mln, or 41 cents, the previous year.
 
Earnings for the year are now expected to be between US$2.85 and US$3 per share, having previously been between US$3.13 and US$3.21.
The company also forecast earnings in the fourth quarter between US$1.10 and US$1.25, well below analysts' expectations of US$$1.42.
 
Shares slumped 13% to US$35.5 on Tuesday.
 
Sales at its Dick’s Sporting Goods stores managed a small rise, but the Golf Galaxy brand continues to struggle.
 
However, total revenue grew in line with analysts' expectations, around 7.6% to US$1.64bn.
 
Dick’s is to ramp up its range of Skechers casual shoes and Polo sportswear over the next year, and expand its Calia by Carrie Underwood women’s athletics line.

Quick facts: Dick's Sporting Goods

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NYSE:DKS

Price: 133.34 USD

Market Cap: $11.81 billion

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