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Dick's Sporting Goods shares slump after disappointing second-quarter results, profit warning

The company said net income for the second quarter ended July 29, 2017 was US$112.4mln or $1.03 per diluted share, below internal expectations of US$0.98 to US$1.03 per diluted share

Dick's Sporting Goods store
Same-store sales are expected to decline in the low single-digits in the third quarter

Dick's Sporting Goods Inc.(NYSE:DKS) shares were dealt a blow after the sports retailer reported disappointing second-quarter results and warned that it expects earnings per share in the third quarter to fall below levels seen in the previous year.

The company said net income for the second quarter ended July 29, 2017 was US$112.4mln or $1.03 per diluted share, below internal expectations of US$0.98 to US$1.03 per diluted share. In the corresponding period a year ago, net income was US$91.4 million, or $0.82 per diluted share.

Revenue in the second quarter rose to US$2.16bn from US$1.97bn the previous year.

Looking ahead, the company said it expects earnings per diluted share in the range of US$0.22 to US$0.30 in the third quarter, down from US$0.44 during the corresponding period last year.

Same-store sales are expected to decline in the low single-digits in the third quarter compared to a 5.2% increase in the third quarter of 2016, it said.

In pre-market trading the company's shares were down about 17% or US$6.01 at US$34.91.

Quick facts: Dick's Sporting Goods

Price: 66.82 USD

NYSE:DKS
Market: NYSE
Market Cap: $5.99 billion
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