Dicks Sporting Goods Stock Sinks on Disappointing Sales

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Dicks Sporting Goods (NYSE:DKS) stock was falling on Wednesday following the release of its earnings report for the second quarter of 2018.

Dicks Sporting Goods Stock Sinks on Disappointing Sales

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During the second quarter of the year, Dicks Sporting Goods reported revenue of $2.18 billion. This is a slight increase over the $2.16 billion in revenue reported in the second quarter of 2017. However, it was bad news for DKS stock by coming in below Wall Street’s revenue estimate of $2.24 billion for the period.

According to Dicks Sporting Goods, same-store sales for its second quarter of 2018 were down 4% from the same time last year. DKS notes that there are 52 weeks in 2018, as compared to 53 weeks in 2017. When taking into account for this calendar shift, the company saw same-store sales fall by roughly 2% during the quarter.

Dicks Sporting Goods also reported earnings per share of 96 cents for the second quarter of the year. This matches the company’s earnings per share reported in the same period of the year prior. Unfortunately for DKS stock, it doesn’t meet analysts’ earnings per share estimate of $1.06 for the quarter.

Dicks Sporting Goods’s earnings report for the second quarter of 2018 also includes net income of $119.40 million. The sporting goods retailer’s net income from the second quarter of the previous year was $112.39 million.

Operating income reported by Dicks Sporting Goods for the second quarter of the year came in at $162.53 million. This is up from the company’s operating income of $159.19 million reported during the same time last year.

DKS stock was down 5% as of Wednesday morning, but is up 26% year-to-date.

As of this writing, William White did not hold a position in any of the aforementioned securities.


Article printed from InvestorPlace Media, https://investorplace.com/2018/08/dicks-sporting-goods-stock-down-on-poor-sales/.

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