Dick's Sporting Goods Profit Dips On Continued Weak Golf, Hunting Sales

Dick's Sporting Goods Inc. said Tuesday it had net income of $49.2 million, or 41 cents a share, in the third quarter, down from $50 million, or 40 cents a share in the year-earlier period, dragged down by continued weakness in golf and hunting. Sales rose 9% to $1.5 billion. The FactSet consensus was for per-share earnings of 41 cents and sales of $1.53 billion. Same-store sales rose 1.1%, but were down 8.9% at the company's Golf Galaxy stores. "Our third quarter earnings were at the higher end of our guidance, but continued pressures in golf and hunting kept our comp sales at the lower end of our expectations," Chief Executive Edward W. Stack said in a statement. The company is now expecting fourth-quarter earnings of $1.18 to $1.28 a share, compared with a consensus of $1.21. Same-store sales are expected to rise 1% to 2% in the quarter. Shares were not yet active in premarket trade, but are down 18% in the year to date, while the S&P 500 has gained 10%.