Dick's Sporting Goods Inc.'s stock plunged 16% in premarket trade Tuesday, putting it on track to open at the lowest level since October 2011, after the sporting goods retailer missed fiscal third-quarter profit and sales expectations. Earnings for the quarter ended Oct. 31 were $47.2 million, or 41 cents a share, compared with $49.2 million, or 41 cents a share, in the same period a year ago. Excluding non-recurring items, such as a litigation settlement, adjusted earnings per share were 45 cents, missing the FactSet consensus of 46 cents. Revenue rose 7.6% to $1.64 billion, just shy of the FactSet consensus of $1.66 billion. Same-store sales increased 0.4%, missing the previously-provided outlook of growth in the 1% to 3% range, as a 2.9% decline at its Golf Galaxy stores offset a 0.7% increase at its Dick's Sporting Goods stores. For the fourth quarter, the company expects same-store sales of negative 2.0% to positive 1.0%, compared with the FactSet consensus of 1.6% growth. The stock has slumped 18% year to date through Monday, while the S&P 500 has slipped 0.3%.
Copyright © 2015 MarketWatch, Inc.