The report signaled continued weakness in the sector, with rival Modell's Sporting Goods announcing the hiring of a restructuring adviser.Dick's Sporting Goods narrowly beat consensus estimates for fourth-quarter earnings, but provided a weak outlook for 2019 same-store sales growth, sending shares down nearly 7% early Tuesday.
The sporting-goods retailer reported adjusted fourth-quarter earnings of $1.22 a share, ahead of the $1.06 that analysts surveyed by Bloomberg were expecting. Meanwhile, full-year 2018 earnings of $3.24 came in at the high-end of the company's guidance of $3.15-3.25. Sales were $2.6 billion for the quarter, edging out the $2.49 billion that was expected. E-commerce sales increased 17% during the quarter."As we look forward to 2019, we are enthusiastic about our business and expect to return to positive comp sales beginning in the second quarter," said Dick's CEO Edward Stack in the press release.
Tuesday's report highlighted further strains on the industry. Also on Tuesday, the privately-held Modell's Sporting Goods announced the"We expect the stock to see modest pressure today with investors focused on the underlying comp rate ex -guns and electronics vs. how promotions helped drive the sales upside," JPMorgan analyst Chris Horvers said in a research note published following the earning release.
Source: News Formal (newsformal.com)
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