Dicks Sporting Goods Inc (NYSE:DKS) stock was hit hard today despite a positive earnings report for the third quarter of 2017.
During the third quarter of the year, Dicks Sporting Goods Inc reported earnings per share of 30 cents. This is down from its earnings per share of 48 cents from the same time last year. However, it still came in above Wall Street’s earnings per share estimate of 26 cents for the quarter, but wasn’t enough to save DKS stock.
Dicks Sporting Goods Inc reported revenue of $1.94 billion in the third quarter of 2017. This is an increase over its revenue of $1.81 billion from the third quarter of 2016. It also beat out analysts’ revenue estimate of $1.89 billion for the third quarter of the year.
Operating income reported by Dicks Sporting Goods Inc in the third quarter of the year was $50.00 million. This is a drop from its operating income of $73.76 million from the same period of the year prior.
Dicks Sporting Goods Inc reported net income of $36.91 million in its third quarter of 2017. This is down from its net income of $48.91 million reported in the same quarter of the previous year and may be dragging DKS stock down today.
Another negative that is possibly hurting DKS stock today was its same store sales for the third quarter of the year. The sporting goods retailer notes that its same stores sales for the quarter were down almost 1% when compared to the same time last year.
Dicks Sporting Goods Inc also updated its outlook for the full year in its most recent earnings report. It is now expecting earnings per share for 2017 to range from $2.92 to 3.04. If it meets these expectations, it will surpass Wall Street’s earnings per share estimate of $2.87 for the year.
DKS stock was down 5% as of noon Tuesday and is down 53% year-to-date.
As of this writing, William White did not hold a position in any of the aforementioned securities.