Shares of sporting goods retailer Dicks Sporting Goods Inc. (DKS - Get Report) turned lower Wednesday, Nov. 28, even after the company reported better-than-expected quarterly results, and offered guidance of more to come.
The Coraopolis, Penn.-based company said it earned $37.8 million, or 39 cents a share, in the third quarter, up from $36.9 million, or 35 cents, a year earlier. Analysts polled by FactSet had expected earnings per share of 26 cents.
Net sales fell to $1.86 billion from $1.94 billion, below the FactSet consensus of $1.88 billion. Same-store sales, based on an unadjusted calendar, declined 6.1%, though they only declined 3.9% when adjusted for an extra week of sales activity last year. Analysts' estimates for same-store sales called for a decline of 4%.
However, the company raised its 2018 earnings-per-share guidance range to between $3.15 and $3.25, up from between $3.02 and $3.20.
Shares of Dick's, nonetheless, declined 3% to $35.23.