Dick’s Sporting Goods (DKS) disclosed on Tuesday a 27% retreat in second-quarter earnings, but the retailer’s adjusted profit topped forecasts and management upgraded its full-year outlook.

Shares of Dick’s, which also disclosed a $32.4 million impairment charge related to a soured investment in the U.K., slumped 3% in early trading.

The company reported a profit of $53.7 million, or 43 cents a share, last quarter, compared with a profit of $73.9 million, or 59 cents a share, a year earlier. Excluding one-time items such as impairment charges, it earned 65 cents a share, besting the Street’s view of 64 cents.

Dick’s, which is also the parent of specialty golf retailer Golf Galaxy, said revenue rose 10% to $1.44 billion, mirroring consensus calls from analysts. Gross margins expanded to 31.2% from 30.7%.

Same-store sales rose 3.8% overall, including 2.9% at Dick’s stores, 4.4% at Golf Galaxy and 34.6% in its eCommerce business.

“We have delivered another exceptional quarter, and are on track to post strong full-year performance for 2012," CEO Edward Stack said in a statement.

Looking ahead, Dick’s once again boosted its full-year earnings view, projecting non-GAAP EPS of $2.47 to $2.51, up from $2.45 to $2.48 previously. However, the midpoint of the new range, $2.49, would trail estimates from analysts for $2.51.

Same-store sales are also now seen jumping 4% to 5% in 2012, compared with its May prediction for 3% to 4%.

For the current quarter, Dick’s expects to earn 36 cents a share, matching the Street’s view. Same-store sales are seen rising about 4%.

Dick’s disclosed a pre-tax impairment charge of $32.4 million tied to its investment in the U.K’s JJB Sports. Dick’s had tossed the struggling chain a $31.8 million lifeline in April, however Europe’s economy has deteriorated significantly since then.

The charge ate into the company’s earnings by 22 cents a share and fully impaired the value of the investment.

“JJB's performance has materially deteriorated from its expectations, partly due to a worsening macro environment in Europe, adverse weather conditions in the first quarter and lackluster sales associated with the recent Euro Championships," Stack said.

Stack said the company has “no further funding obligations” to JJB and will “continue to monitor the situation.”

Dick’s also said it expects to open 21 new of its namesake stores this year, while relocating three. As of the end of the second quarter, the company operated 409 Dick’s stores in 44 states and 81 Golf Galaxy locations in 30 states.

Shares of Dick’s slumped 4.1% to $48.45 Tuesday morning, cutting their impressive 2012 rally to 32%.

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