Dick's Sporting Goods (NYSE:DKS) reported first quarter results that topped Wall Street expectations on revenue and earnings, but its shares fell nearly 6% after the company lowered its full-year profit outlook.
Dick’s lowered its full-year GAAP earnings per share guidance to a range of $13.27 to $14.27, down from $13.70 to $14.70 previously.
While its non-GAAP EPS outlook was maintained at $13.50 to $14.50, the midpoint of $14 sits below estimates of $14.30.
Full-year revenue guidance was reiterated at $22.1 billion to $22.4 billion.
For Q1, revenue rose 62.7% year over year to $5.16 billion, exceeding consensus estimates of about $5.06 billion.
Adjusted earnings per share came in at $2.90, slightly ahead of analyst expectations of $2.86.
The company posted GAAP earnings per diluted share of $3.54, compared with $3.24 a year earlier, though results were impacted by a higher share count following the Foot Locker acquisition. Net income increased to $320 million from $264 million in the prior-year period.
Comparable sales rose 6% across the business, while Dick’s said it continued to see progress in integrating Foot Locker, including expansion of its “Fast Break” initiative to about 100 stores.
"We're very proud of our company's Q1 results,” Dick’s CEO Lauren Hobart said in a statement. “Sport is driving sustained energy and engagement across the consumer landscape, and our team turned that athlete demand into another very strong quarter of execution.”