DICK'S Sporting Slashes FY22 Outlook; Declares Dividend; Stock Down 15%

(RTTNews) - While reporting financial results for the first quarter on Wednesday, sporting goods retailer DICK'S Sporting Goods Inc. (DKS) slashed its earnings, adjusted earning and consolidated same store sales guidance for the full-year 2022. For fiscal 2022, the company now projects earnings in a range of $7.95 to $10.15 per share and adjusted earnings in a range of $9.15 to 11.70 per share, with consolidated same store sales expected to decline 8 to 2 percent.

Previously, the company expected earnings in a range of $9.96 to 11.13 per share and adjusted earnings in a range of $11.70 to 13.10 per share, with consolidated same store sales expected to be between a decline of 4 percent and flat.

On average, 26 analysts polled by Thomson Reuters expect the company to report earnings of $12.56 per share for the year. Analysts' estimates typically exclude special items.

For the first quarter, net income declined 28 percent to $260.56 million or $2.47 per share from $361.76 million or $3.41 per share in the prior-year quarter. Excluding items, adjusted income was $2.85 per share, compared to $3.79 per share in the year-ago quarter.

Net sales for the quarter decreased 7.5 percent to $2.70 billion from $2.92 billion in the same quarter last year. Comparable store sales declined 8.4 percent.

The Street was looking for earnings of $2.47 per share on net sales of $2.59 billion for the quarter.

On Tuesday, the Company's Board of Directors authorized and declared a quarterly dividend of $0.4875 per share on the Company's Common Stock and Class B Common Stock, payable in cash on June 24, 2022 to stockholders of record at the close of business on June 10, 2022.