Dick's Sporting Goods (NYSE:DKS) on Tuesday reported disappointing same-store sales in the fourth quarter and provided a less-than-optimistic outlook, sending shares of the retailer down in premarket trading.
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Adjusted net income for the14 weeks ended Feb. 3 was $1.22, better than the $1.20 Wall Street analysts had anticipated. Revenue increased 7.3% to approximately $2.66 billion from about $2.48 billion, which missed analyst expectations of $2.74 billion.
Consolidated same store sales for the full year decreased 0.3%. Adjusted earnings per share for the 12-month period were $3.01.
Shares fell more than 6% in premarket trading to $30.60.
During the quarter, the company closed three Dick's Sporting Goods stores and four Golf Galaxy stores. As of early last month, Dick's operated 716 stores in 47 states, 94 Golf Galaxy stores in 32 states and 35 Field & Stream stores in 16 states.
For the full year, adjusted net income was $3.01 per share, down from $3.12 in the year-earlier period. Net sales for year rose 8.4% from last year's 52-week period to $8.59 billion, primarily due to the growth of the company's store network.
The Associated Press contributed to this story.