UPDATE: Dick's Sporting Goods Posts In-Line Q3 Earnings

Dick's Sporting Goods

reported in-line earnings for the third quarter. The Coraopolis, Pennsylvania-based company posted quarterly net income of $49.2 million, or $0.41 per share, compared to $50 million, or $0.40 per share, in the year-ago quarter. Its sales gained 9% to $1.5 billion. However, analysts were expecting earnings of $0.41 per share on revenue of $1.53 billion. The company's same-store sales increased 1.1%. Same store sales for DICK'S Sporting Goods rose 1.7%, while Golf Galaxy slipped 8.9% in the quarter. As of November 1, 2014, the company operated 597 DICK'S Sporting Goods stores in 46 states. Dick's Sporting ended the quarter with around $78 million in cash and cash equivalents. During the third quarter, Dick's Sporting repurchased around 1.6 million shares of its common stock at an average cost of $45.98 per share. "Our third quarter earnings were at the higher end of our guidance, but continued pressures in golf and hunting kept our comp sales at the lower end of our expectations," said Edward W. Stack, Chairman and CEO. For the fourth quarter, Dick's Sporting projects earnings of $1.18 to $1.28 per share, versus analysts' estimates of $1.21 per share. It expects same-store sales to increase 1% to 2% in the quarter. Dick's Sporting shares fell 0.81% to close at $47.51 yesterday.