Dick's Sporting Goods 1Q net income, revenue up

PITTSBURGH (AP) — Dick's Sporting Goods said Tuesday that its net income rose 13% in the first quarter as revenue edged up and some expenses declined.

Revenue was shy of analysts' estimates and a key revenue metric slipped in the quarter. Shares fell in premarket trading.

The sporting goods retailer earned $64.8 million, or 52 cents per share, for the period ended May 4, up from $57.2 million, or 45 cents per share, a year ago.

Excluding the partial recovery of a previously impaired asset, earnings were 48 cents per share. This met the expectations of analysts polled by FactSet.

Revenue increased 4% to $1.33 billion from $1.28 billion. Wall Street was looking for slightly higher revenue of $1.36 billion.

Pre-opening expenses dropped to $1.3 million from $2.7 million, while interest expense fell to $669,000 from $3.4 million.

Shares of Dick's shed 21 cents to $52 with about 40 minutes to go before the market open.

Revenue at stores open at least a year, a key indicator of a retailer's health, fell 3.8% when adjusting for the extra week last year. This metric excludes results from stores recently opened or closed.

Without adjusting for the extra week a year ago, revenue at stores open at least a year declined 1.7%.

Dick's Sporting Goods Inc. still foresees full-year adjusted earnings in a range of about $2.84 to $2.86 per share.

For the second quarter, the chain anticipates earnings of about 75 cents to 77 cents per share.

Analysts expect full-year earnings of $2.85 per share and second-quarter earnings of 76 cents per share.

The Pittsburgh company's board also declared a quarterly dividend of 12.5 cents per share. The dividend will be paid on June 28 to shareholders of record on June 7.