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May 25, 2022, 7:45 a.m. EDT

Dick's Sporting Goods stock plummets after lowered full-year outlook overshadows earnings beat

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By Tomi Kilgore

Shares of Dick's Sporting Goods Inc. /zigman2/quotes/200566298/composite DKS -1.17% plummeted 17.7% toward a 16-month low in premarket trading Wednesday, after the sporting goods and apparel retailer reported fiscal first-quarter results that beat expectations but cut its full-year outlook, citing "evolving macroeconomic conditions." Net income for the quarter to April 30 fell to $260.6 million, or $2.47 a share, from $361.8 million, or $3.41 a share, in the year-ago period. Excluding nonrecurring items, adjusted earnings per share of $2.85 was above the FactSet consensus of $2.52. Sales fell 7.5% to $2.70 billion, but topped the FactSet consensus of $2.63 billion, as a 8.4% decline in same-store sales beat expectations for an 11.0% drop. For fiscal 2022, the company slashed its adjusted EPS guidance range to $9.15 to $11.70 from $11.70 to $13.10 and cut its same-store sales growth outlook to negative 8% to negative 2% from negative 4% to flat. The stock has tumbled 38.1% year to date through Tuesday, while the SPDR S&P Retail ETF /zigman2/quotes/206947004/composite XRT -0.93% has dropped 34.5% and the S&P 500 /zigman2/quotes/210599714/realtime SPX -0.11% has lost 17.3%.

/zigman2/quotes/200566298/composite
US : U.S.: NYSE
$ 79.66
-0.94 -1.17%
Volume: 242,257
June 28, 2022 10:55a
P/E Ratio
6.18
Dividend Yield
2.45%
Market Cap
$6.49 billion
Rev. per Employee
$241,995
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/zigman2/quotes/206947004/composite
US : U.S.: NYSE Arca
$ 62.92
-0.59 -0.93%
Volume: 1.13M
June 28, 2022 10:55a
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/zigman2/quotes/210599714/realtime
US : S&P US
3,895.93
-4.18 -0.11%
Volume: 614.30M
June 28, 2022 10:55a
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