- Dick’s Sporting Goods stock is falling after releasing Q1 earnings.
- The company lowered its 2022 outlook in the report.
- However, it beat estimates for the current quarter.
Dick’s Sporting Goods (NYSE:DKS) stock is taking a beating on Wednesday after the retailer released its earnings report for the first quarter of 2022.
The big news here is the company’s cut outlook for 2022. The company now expects earnings per share for the period to range from $9.15 to 11.70. That would see it missing Wall Street’s estimate of $12.56 per share for the year.
So what’s behind that guidance from Dick’s Sporting Goods? The company attributes its new outlook to “the impact of evolving macroeconomic conditions.” Lauren Hobart, president and CEO of DKS, has more to say on that below.
“We are confident in our continued ability to adapt quickly and execute through uncertain macroeconomic conditions. DICK’S has a unique and powerful position in the marketplace, and we remain confident in our strategies and our ability to deliver long-term sales and earnings growth.”
It’s worth mentioning that the rest of the Dick’s Sporting Goods earnings report was positive. That includes adjusted EPS of $2.85 on revenue of $2.7 billion. Both of those come in above analysts’ estimates of $2.47 per share and revenue of $2.59 billion for the quarter.
DKS stock is also seeing major movement today alongside its earnings release. That has some 9 million shares on the move as of this morning. This is well above its daily average trading volume of 1.9 million shares.
DKS stock is down 6.4% as of Wednesday morning!
Investors seeking our more stock market news are in the right place!
InvestorPlace has all the hottest stock news traders need to know about today! That includes why Verrica Pharmaceuticals (NASDAQ:VRCA) is falling, this morning’s biggest pre-market stock movers, as well as a meme stock trading halt from yesterday. You can read up on all of this at the links below!
More Wednesday Stock Market News
- Why Is Verrica Pharmaceuticals (VRCA) Stock Plunging 55% Today?
- Today’s Biggest Pre-Market Stock Movers: 10 Top Gainers and Losers on Wednesday
- TradeZero Halted Trading in Meme Stocks AMC, GME, KOSS. Now It Owes the SEC $100,000.
On the date of publication, William White did not have (either directly or indirectly) any positions in the securities mentioned in this article. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines.
