Dick’s Sporting Goods Inc. has downgraded its 2022 earnings outlook, as the company posted a double-digit decline in its first-quarter bottom line.
DKS is down 11.97% premarket, while FOVL closed down 0.54%.
The company now expects earnings per diluted share between $7.95 and $10.15, lower than the earlier announced $9.96 to $11.13. It maintained its capital spending guidance between $400 to $425.
First-quarter net income stood at $260.6 million, 28.0% lower than the $361.8 million in the same quarter last year. Earnings per diluted share declined by 27.6% to $2.47 from $3.41.
Net sales declined by 7.5% to $2.700 billion from $2.918 billion, and the gross profit was down to $984.714 million from $1.088 billion in the same quarter in the previous year.
Chief Executive Officer Lauren Hobart said the firm is confident in its continued ability to adapt quickly and push through with uncertain macroeconomic conditions.