Why Dick's Sporting Goods Stock Is Falling

Dick's Sporting Goods Inc DKS shares are trading lower Wednesday morning after the company reported financial results and issued weak guidance.

Dick's said first-quarter revenue decreased 7.5% to $2.7 billion, which beat the estimate of $2.59 billion, according to data from Benzinga Pro. The company reported quarterly adjusted earnings of $2.85 per share, which beat the estimate of $2.47 per share.

"Over the past two years, we have demonstrated our ability to adeptly manage through the pandemic and other challenges - and we are confident in our continued ability to adapt quickly and execute through uncertain macroeconomic conditions," said Lauren Hobart, president and CEO of Dick's.

Dick's said it expects full-year 2022 adjusted earnings to be between $9.15 and $11.70 per share. Comparable store sales are expected to be between negative 8% and negative 2%. 

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DKS Price Action: Dick's shares are making new 52-week lows on Wednesday.

The stock was down 14.1% at $61.19 at time of publication.

Photo: Mike Mozart from Flickr.