Dick's Sporting Goods Stock Slides After Downbeat Profit Report, Outlook

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Dick's Sporting Goods Inc. shares slumped 4.1% after the sporting good retailer reported a fiscal first-quarter profit at the high end of expectations. For the quarter ended May 2, net earnings fell to $63.3 million, or 53 cents a share, from $70 million, or 57 cents a share, in the same period a year ago. The company had provided a first-quarter EPS estimate of 49 cents to 53 cents. Total sales rose to $1.565 billion from $1.439 billion, in line with the FactSet consensus of $1.561 billion. Same-store sales increased 1%, missing the FactSet consensus of 1.5% growth, with Dick's Sporting Goods sales rising 1.8% while Golf Galaxy sales dropped 11%. Looking ahead, the company expects fiscal second-quarter EPS of 73 cents to 76 cents and full-year EPS of $3.12 to $3.20, compared with the FactSet consensus of 76 cents and $3.19, respectively. The stock has run up 13% year to date through Monday, while the S&P 500 has gained 3.4%.

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