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Dicks Sporting Goods Inc (NYSE: DKS) is has seen its business hurt by guns and golf clubs.
Shares fell sharply Tuesday after the company said the two segments dragged down its third-quarter performance.
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"The balance of our business, excluding golf and hunting, continued to deliver strong results," according to Chief Executive Edward W. Stack, who said excluding those segments, same-store sales grew 4.6 percent in the recent period.
But hunting sales will remain flat in the current quarter and golf profits won't see gains until 2015, Stack predicted in a conference call with analysts.
Stack said the golfing segment will "hit bottom in the next quarter and see increased profitability in the next year." The company has no plans to exist the segment, but expects it will shrink.
Regarding guns and ammunition, "that business just hasn't recovered as quickly as we thought it would," Stack said.
Stack told analysts to expect that fourth-quarter profit margins will continue get squeezed by a need for promotional pricing and that the company is "committed" to share buybacks.
Dicks met third-quarter expectations and forecast fourth-quarter same-store sales growth of between 1 percent and 3 percent, vs. a year-earlier 7.3 percent increase.
Dicks fell 1.3 percent in recent trading Tuesday to $46.88 per share.
Crypto Whales Are Loading Up — Are You?
New research shows the biggest crypto buyers are back. And this time? They could hold for the possibility that Bitcoin will surpass $100,000 in 2024. You don’t want to miss the next massive crypto bull run like we saw in 2020 and 2021. To know exactly what’s going on and what to buy… Get Access To Benzinga’s Best Crypto Research and Investments For Only $1.