Shares of Dick's Sporting Goods (DKS) fell almost 5% in premarket trading on Tuesday after the sports retailer said fourth quarter results likely won't meet analyst expectations.
Dick's reported adjusted third-quarter earnings per share of $0.48 on revenue of $1.81 billion, better than the $0.42 per share on revenue of $1.77 billion that analysts polled by FactSet forecast the company would earn in the period.
Dick's said that it expects fourth quarter earnings to range between $1.19 and $1.31 per share, below FactSet's $1.32 expectations for the period. The company also expects same store sales in the holiday quarter to increase between 3% and 6% compared wWall Street expectations of a 4.2% increase.
The company said online sales increased, accounting for 9.6% of total net sales compared with 8% in the year ago period. Falling mall traffic makes Dick's, and other retailers', online strategy paramount.
Even though malls are attracting fewer customers, Dick's said it expects to open 38 new locations and relocate nine more by the end of this year.
Dick's shares have increased 72% year to date and more than 40% over the past 12 months.