Q1 profit for Dick's Sporting Goods down nearly 50 percent
Dick's Sporting Goods' (NYSE: DKS) first-quarter profit plummeted 48 percent as its same-store sales dropped on lower consumer spending.
Dick's earned $10.2 million, or $0.09 per share, compared with $19.6 million, or $0.17 per share, for the same quarter last year. Excluding costs related to its Chick's Sporting Goods acquisition, the company posted an adjusted profit of $12.8 million, or $0.11 per share, for the recent quarter.
Sales rose 5.2 percent to $959.7 million from $912.1 million a year earlier on e-commerce sales and new store openings.
Same-store sales dropped 6 percent. The company said the same-store sales drop included a 4.6 percent decrease in same-store sales at Dick's Sporting Goods stores and a 19.7 percent same-store sales decline at Golf Galaxy stores.
Dick's raised the low end of its full-year earnings guidance, but said it expects the rest of the year to continue to be difficult.
Excluding merger and integration costs, Dick's said it now expects to post a profit of $0.88 to $1 per share for the year. Previous projections were $0.80 to $1 per share. For the second quarter, it expects an adjusted profit of $0.28 to $0.31 per share. Same-store sales are expected to drop between 6 percent and 9 percent for both the year and the quarter.
--Compiled by Wendy Geister
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