Dick's Sporting Goods Inc (NYSE:DKS) shares are trading lower Wednesday morning after the company reported financial results and issued weak guidance.
Dick's said first-quarter revenue decreased 7.5% to $2.7 billion, which beat the estimate of $2.59 billion, according to data from Benzinga Pro. The company reported quarterly adjusted earnings of $2.85 per share, which beat the estimate of $2.47 per share.
"Over the past two years, we have demonstrated our ability to adeptly manage through the pandemic and other challenges - and we are confident in our continued ability to adapt quickly and execute through uncertain macroeconomic conditions," said Lauren Hobart, president and CEO of Dick's.
Dick's said it expects full-year 2022 adjusted earnings to be between $9.15 and $11.70 per share. Comparable store sales are expected to be between negative 8% and negative 2%.
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DKS Price Action: Dick's shares are making new 52-week lows on Wednesday.
The stock was down 14.1% at $61.19 at time of publication.
Photo: Mike Mozart from Flickr.
