The sporting goods retailer beat Wall Street's fourth-quarter earnings forecast but reported falling sales.
The Coraopolis, Pennsylvania-based company reported fourth-quarter net income of $102.6 million, or $1.07 a share. Adjusted earnings came to $1.22, exceeding analysts' estimates of $1.06. Net sales declined 6.5% from a year ago to about $2.49 billion, but were ahead of analysts' expectations of $2.48 billion. Same-store sales dipped 2.2%, compared with the FactSet estimate of down 3.3%. A year ago, the company reported earnings of $115.9 million and earnings of $1.11 a share.
"The stock has been trouble even though the company is not," said Jim Cramer. "I don't want [Dick's Sporting Goods] to become irrelevant, but, obviously, if you can't get those comp store sales up...you become irrelevant."
How Much Money Will I Need to Retire? Want to learn about retirement planning from some of the nation's top experts? Join TheStreet's Robert "Mr. Retirement" Powell live in New York on April 6 for our Retirement Strategies Symposium. For a limited time, tickets are available for $99 for this full-day event. Check out the agenda, learn about the speakers and sign up here.