Dick's Sporting Goods Sees Q2 Earnings Below View; Lowers 2016 Outlook

(RTTNews) - While reporting its first-quarter financial results today, sporting goods retailer Dick's Sporting Goods, Inc. (DKS) forecast earnings for the second quarter below analysts' expectations. The company also lowered its earnings and same stores sales outlook for fiscal 2016.

For the second quarter, the company forecast earnings per share of $0.62 to 0.72 and consolidated same store sales of negative 4.0 percent to negative 1.0 percent. This compared to a 1.2 percent increase in the year-ago period.

On average, analysts polled by Thomson Reuters expect the company to report earnings of $0.78 per share for the quarter. Analysts' estimates typically exclude special items.

For fiscal 2016, the company now forecasts earnings in a range of $2.60 to 2.90 per share and consolidated same store sales of negative 1.0 percent to positive 1.0 percent. This compared to a 0.2 percent decrease in fiscal 2015.

Earlier, the company forecast full-year earnings of about $2.85 to $3.00 per share and consolidated same store sales of about flat to an increase of 2 percent. The Street expects the company to report earnings per share of $2.95 for 2016.