{"id":20612,"date":"2015-11-17T16:38:50","date_gmt":"2015-11-17T22:38:50","guid":{"rendered":"http:\/\/news.medill.northwestern.edu\/chicago\/?p=20612"},"modified":"2015-11-17T16:40:54","modified_gmt":"2015-11-17T22:40:54","slug":"dicks-stock-falls-after-earnings-miss-expectations","status":"publish","type":"post","link":"https:\/\/news.medill.northwestern.edu\/chicago\/dicks-stock-falls-after-earnings-miss-expectations\/","title":{"rendered":"Dick’s stock falls after earnings miss expectations"},"content":{"rendered":"

By Alex Valentine<\/p>\n

Shares of Dick\u2019s Sporting Goods Inc. dropped 10 percent Tuesday after the company posted earnings that missed analysts\u2019 expectations and lowered its outlook for the final quarter of the year.<\/p>\n

Morningstar downgraded\u00a0its\u00a0outlook for Dick\u2019s shares because of \u201cslow-moving cold weather gear,\u201d according to Paul Swinand, equity research analyst.<\/p>\n

<\/p>\n

The largest U.S. sporting goods retail company said profit fell 4 percent to $47.2 million, or 41 cents per share, from $49.2 million, or 41 cents per share a year ago. Analysts had forecast earnings of 46 cents per share.<\/p>\n

Dick\u2019s total sales increased 7.6 percent to $1.64 billion from $1.53 billion in the same period a year ago, but fell just short of Wall Street expectations.<\/p>\n

\"Dick's<\/a><\/span><\/p>\n

The Coraopolis, Pennsylvania-based company reduced its fourth quarter earnings estimate to a range of $1.10-$1.25 per share, compared with $1.30 in the quarter last year and well below the analysts\u2019 consensus estimate of $1.40.<\/p>\n

Shares of Dick\u2019s fell 9 percent last week as skepticism grew about the company\u2019s quarterly earnings, and then tumbled another 17 percent to a four-year low of $33.52 Tuesday morning, before rebounding to $36.96 at close.<\/p>\n

\u201cThrough back-to-school season, our sales were strong. However, as the quarter progressed, record warm weather in the majority of our markets put pressure on our sales and traffic,\u201d said CEO Edward Stack in a conference call with analysts Tuesday.<\/p>\n

Stack said sales in winter categories, especially hunting gear, were disappointing, but Teri List-Stoll, chief financial officer, said the company plans to increase marketing and will mark down much of its apparel for the holiday season to help offset \u201celevated inventory levels.\u201d<\/p>\n

After several questions during the conference call about the slow sale of seasonal apparel, USB Research Analyst Michael Lasser challenged the company\u2019s assertion that weather had slowed sales.<\/p>\n

\u201cOver the last three years, you\u2019ve grown your store base by about one-third, but your operating income has only grown by about 7.5 percent. Is that three years of funky weather, or do you think part of three-year sluggishness is a shift toward online shopping and increased competition?\u201d asked Lasser.<\/p>\n

Stack acknowledged that conditions in retailing have been more difficult as shoppers shift to online purchases. But he said that Dick\u2019s has the \u201cbalance sheet and mettle to succeed.\u201d<\/p>\n

\u201cLonger term, we see store growth continuing productively,\u201d said Swinand. \u201cCompetitors will find it hard to compete with Dick\u2019s national store base and scalable e-commerce business, in our view, strengthening the firm\u2019s competitive position in the long run.\u201d<\/p>\n

Dick\u2019s opened seven new Field and Stream stores in the quarter, and launched the first e-commerce website for the hunting and fishing subsidiary. Stack said most future Field and Stream stores would be built as a combination with a Dick\u2019s Sporting Goods next door.<\/p>\n

Photo at top: Dick’s missed analyst expectations, but management is confident that the company can bounce back.(Mike Mozart<\/a>\/Creative Commons<\/a>)<\/div>\n","protected":false},"excerpt":{"rendered":"

By Alex Valentine Shares of Dick\u2019s Sporting Goods Inc. dropped 10 percent Tuesday after the company posted earnings that missed analysts\u2019 expectations and lowered its outlook for the final quarter of the year. Morningstar downgraded\u00a0its\u00a0outlook for Dick\u2019s shares because of \u201cslow-moving cold weather gear,\u201d according to Paul Swinand, equity research analyst.<\/p>\n","protected":false},"author":149,"featured_media":20619,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[27,509],"tags":[],"class_list":["post-20612","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-business","category-fall-2015"],"yoast_head":"\nDick's stock falls after earnings miss expectations - Medill Reports Chicago<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/news.medill.northwestern.edu\/chicago\/dicks-stock-falls-after-earnings-miss-expectations\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Dick's stock falls after earnings miss expectations - Medill Reports Chicago\" \/>\n<meta property=\"og:description\" content=\"By Alex Valentine Shares of Dick\u2019s Sporting Goods Inc. dropped 10 percent Tuesday after the company posted earnings that missed analysts\u2019 expectations and lowered its outlook for the final quarter of the year. 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