Aug 20 Dick's Sporting Goods Inc
reported lower-than-expected quarterly results as fewer
customers visited its stores due to cooler and wetter weather
and weakness in consumer spending.
Shares of the company, which sells footwear, apparel and
camping gear, fell 5 percent to $48.25 in premarket trading.
Consumers have tightened spending amid higher payroll taxes
and gasoline prices and a slowing job market. A host of
retailers from Macy's Inc to Wal-Mart Stores Inc
have reported tepid sales for the latest quarter.
Dick's Sporting's net income rose to $84.2 million, or 67
cents per share, in the second quarter from $53.7 million, or 43
cents per share, a year earlier.
Excluding items, the company earned 71 cents per share in
the quarter ended Aug. 3.
Net sales rose 6.6 percent to $1.53 billion.
Analysts on average had expected earnings of 74 cents per
share on revenue of $1.57 billion, according to Thomson Reuters
Adjusted for an extra week in 2012, the company's same-store
sales fell 0.4 percent, missing its forecast of a 2 to 3 percent
rise. Same-store sales at Dick's Sporting Goods stores rose 0.1
percent while those at Golf Galaxy shops fell 6.1 percent.
(Reporting by Siddharth Cavale in Bangalore; Editing by Kirti