DICK'S Sporting Goods Sinks In Premarket After Slashing Annual Earnings Guidance

(RTTNews) - Shares of DICK'S Sporting Goods, Inc. (DKS) are down more than 13% in pre-market on Wednesday after the company cut its full-year earnings outlook citing "impact of evolving macroeconomic conditions."

DICK'S currently sees its annual earnings in the range of $9.15-11.70, down from previous outlook of $11.70-13.10. On average, 26 analysts polled by Thomson Reuters expect the company to report earnings of $12.56 for the period.

The company is forecasting same-store sales to be down 8% to down 2%, compared with previous outlook of down 4% to flat.

Net income for the first quarter decreased to $260.6 million or $2.47 per share from $361.8 million or $3.41 per share a year ago. Excluding one-time items, earnings were $2.85 per share.

Sales for the quarter declined to $2.7 billion from $2.919 billion last year.

Analysts expected the company to report earnings of $2.47 per share on revenue of $2.59 billion for the quarter.

DKS closed at $71.24, down 5.35% on Tuesday. It has traded in the range of $69.65 - $147.39 in the past 52 weeks.