UPDATE: Dick's Sporting Lowers FY14 Earnings Outlook, Shares Tumble

Shares of Dick's Sporting Goods

tumbled more than 10% in pre-market trading after the company cut its forecast. Dick's Sporting posted its quarterly non-GAAP profit of $61.3 million, or $0.50 per share, versus its forecast of $0.51 to $0.53 per share. The company reported a non-GAAP net income of $60.5 million, or $0.48 per share in the year-ago period. On a GAAP basis, the company earned $70.0 million, or $0.57 per share. Its sales climbed 7.9% to $1.4 billion. However, analysts were expecting earnings of $0.52 per share on sales of $1.46 billion. The company's same-store sales declined 1.5% in the quarter. Same store sales for DICK'S Sporting Goods rose 2.3%, while Golf Galaxy fell 10.4%. Dick's Sporting projects same-store sales to rise 1% to 3% in the second quarter and full year. It also expects Q2 earnings of $0.62 to $0.67 per share, versus analysts' estimates of $0.82 per share. Dick's Sporting also lowered its FY14 earnings outlook from $3.03 to $3.08 per share to $2.70 to $2.85 per share. Edward W. Stack, Chairman and CEO said, "Our difficulties this quarter were isolated to two categories: golf and hunting." The executive continued, "After a very challenging first quarter in golf last year, we expected some further headwinds and only modest improvement, but instead we saw a continued significant decline. In the case of hunting, we planned the business down based on last year's catalysts, but it was even weaker than expected." Dick's Sporting shares fell 10.46% to $47.60 in pre-market trading.