Shares of Dick's Sporting Goods were down nearly 14% during intraday trading on Tuesday after the chain reported disapointing same-store sales in Q1.
The national retailer reported a 2.4% increase in same-store sales, below Wall Street expectations for 3.6%. The retailer also trimmed its forecast for full-year 2017 same-store sales. Dick's reported adjusted net income of $0.54/share, up from the year-ago period and matching analyst estimates. The company also reported net revenue of $1.83B, which also met analyst forecasts.
In a brutal retail environment, Dick's has fared well. While big-box retailers are shuttering stores across the country, Dick's plans to open 43 more by the end of the year. The company is also planning eight new Golf Galaxy stores and eight new Field and Stream locations.
"Despite a challenging retail environment, we realized growth across each of our three primary categories," chairman and CEO Edward W. Stack said in a statement. "Looking ahead, we continue to evaluate and adjust our business model, and are taking actions to reduce our expense structure in order to fund and develop our longer-term strategic initiatives."
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