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Dick's takes rare tumble
Worse than expected second quarter sales results at Dick’s Sporting Goods sparked new consumer spending concerns and prompted the company to lower its full year profit forecast.
Dicks said sales for the quarter ended August 3, increased 6.6% to $1.5 billion, however same store sales fell 0.4%, versus a planned 2% to 3% increase, when adjusted for a 53rd week in 2012. Profits for the period totaled $84.2 million, or 67 cents a share, compared to $53.7 million, or 43 cents a share.
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Dick’s Sporting Goods profit up 57%, but misses estimates
PITTSBURGH — Dick's Sporting Goods reported a 57% increase in second-quarter net income, which was chiefly related to a big charge last year.
For the period ended Aug. 3, the retailer earned $84.2 million, up from $53.7 million in the prior-year period when it recorded a $32.4 million impairment charge tied to an investment in JJB Sports. Revenue rose 6% to $1.53 billion, short of analyst projections of $1.57 billion. Same-store sales edged down 0.4%.
Chairman and CEO Edward Stack said bad weather reduced traffic and hurt sales.