PITTSBURGH (AP) — Dick's Sporting Goods Inc. shares tumbled Tuesday as its first-quarter results missed analysts' expectations and the company cut its earnings forecast for the year.
The key golf and hunting sales categories lagged while athletic clothing, athletic footwear and team sports merchandise strengthened.
Its shares dropped more than 17 percent in afternoon trading.
Chairman and CEO Edward Stack said in a statement that Dick's anticipated sales of golf products would modestly improve in the first quarter compared with the prior-year period, but the category continued a significant decline. Hunting was expected to be weak, but was softer than expected.
The company reported that its first-quarter net income rose 8 percent overall to $70 million, or 57 cents per share, from $64.8 million, or 52 cents per share, a year ago.
Excluding a gain on an asset sale, earnings were 50 cents per share. That was 2 cents shy of what analysts surveyed by FactSet expected.
Revenue rose 8 percent to $1.44 billion from $1.33 billion. Still, it was short of Wall Street's prediction for $1.46 billion in revenue.
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