Dicks Sporting Goods Inc (NYSE:DKS) inventory was hit onerous immediately regardless of a optimistic earnings report for the third quarter of 2017.
During the third quarter of the yr, Dicks Sporting Goods Inc reported earnings per share of 30 cents. This is down from its earnings per share of 48 cents from the identical time final yr. However, it nonetheless got here in above Wall Street’s earnings per share estimate of 26 cents for the quarter, however wasn’t sufficient to avoid wasting DKS inventory.
Dicks Sporting Goods Inc reported income of $1.94 billion within the third quarter of 2017. This is a rise over its income of $1.81 billion from the third quarter of 2016. It additionally beat out analysts’ income estimate of $1.89 billion for the third quarter of the yr.
Operating revenue reported by Dicks Sporting Goods Inc within the third quarter of the yr was $50.00 million. This is a drop from its working revenue of $73.76 million from the identical interval of the yr prior.
Dicks Sporting Goods Inc reported web revenue of $36.91 million in its third quarter of 2017. This is down from its web revenue of $48.91 million reported in the identical quarter of the earlier yr and could also be dragging DKS inventory down immediately.
Another destructive that’s presumably hurting DKS inventory immediately was its identical retailer gross sales for the third quarter of the yr. The sporting items retailer notes that its identical shops gross sales for the quarter had been down nearly 1% when in comparison with the identical time final yr.
Dicks Sporting Goods Inc additionally up to date its outlook for the total yr in its most up-to-date earnings report. It is now anticipating earnings per share for 2017 to vary from $2.92 to three.04. If it meets these expectations, it should surpass Wall Street’s earnings per share estimate of $2.87 for the yr.
DKS inventory was down 5% as of midday Tuesday and is down 53% year-to-date.
As of this writing, William White didn’t maintain a place in any of the aforementioned securities.