UPDATE: Dick's Sporting Goods Posts 57% Rise In Q2 Earnings, Lowers Full-Year View

Dick's Sporting Goods

reported a 57% rise in its fiscal second-quarter earnings. Dick's Sporting also cut its full-year adjusted earnings forecast to $2.60 to $2.65 per share, versus its earlier forecast of $2.84 to $2.86 per share. Dick's Sporting posted its quarterly profit of $84.2 million, or $0.67 per share, versus a year-ago profit of $53.7 million, or $0.43 per share. Excluding one-time items, it earned $0.71 per share. The company in May expected earnings of $0.75 to $0.77 per share. Its sales increased 6.6% to $1.53 billion, versus analysts; estimates of $1.57 billion Its gross margin widened to 31.3% from 31.2%. Dick's Sporting shares fell 4.63% to $48.25 in pre-market trading.