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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.

"Our second-quarter results were below our guidance as a sluggish consumer environment along with higher levels of precipitation and cooler temperatures contributed to a decrease in traffic, resulting in lower than expected same-store sales," said Stack.

 

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