Dick's Sporting Goods Turns Lower Despite Strong Earnings, Positive Guidance
Bloomberg News

Shares of sporting goods retailer Dicks Sporting Goods Inc. (DKS)  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.

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