August 20, 2013 / 12:26 PM / 5 years ago

Retailer Dick's Sporting Goods misses estimates, shares fall

Aug 20 (Reuters) - 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 I/B/E/S.

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 Pandey)

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