Dick’s Q1 falls short of Street expectations
PITTSBURGH — Although Dick’s Sporting Goods reported a year-over-year increase in revenues for first quarter 2013, performance still fell short of Wall Street expectations.
The sporting goods retailer reported first quarter revenues of $1.33 billion, a 4% increase from $1.28 billion. However, analysts expected revenues for the quarter to total $1.36 billion.
Net income grew 13%, from $57.2 million to $64.8 million.
“In the first quarter, we generated earnings in line with our original guidance, but were not pleased with our sales results, which came in below our expectations,” said Edward W. Stack, chairman and CEO.
Stack said Dick’s will focus on store remodeling, tighter inventory management and closer cooperation with golf vendors to boost near-term performance.