Dick’s Sporting Goods Inc DCS Shares are trading lower on Wednesday morning after the company reported financial results and issued weak guidance.
Dick’s said first-quarter revenue fell 7.5% to $2.7 billion, beating an estimate of $2.59 billion, according to data from Benzinga Pro. The company reported adjusted quarterly earnings of $2.85 per share, beating the estimate of $2.47 per share.
“Over the past two years we have demonstrated our ability to skilfully navigate the pandemic and other challenges – and we are confident in our ability to continue to adapt quickly and act amid uncertain macroeconomic conditions,” he said Lauren HobartPresident and CEO of Dick’s.
Dick’s expects full-year 2022 adjusted earnings to be between $9.15 and $11.70 per share. Comparable store sales are expected to be between minus 8% and minus 2%.
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DKS price campaign: Dick’s shares marked new 52-week lows on Wednesday.
The stock is down 14.1% at press time to $61.19.
Photo: Mike Mozart from Flickr.