Dick's Sporting Goods Falls Short Of Expectations In Q3 Financials

Dick's Sporting Goods today reported Q3 "wasn't as strong as the company and analysts had hoped," and said that it "expects the holiday quarter to be very competitive as retailers offer promotions to lure customers." Dick's reported net income of $47.2M, compared to $49.2M in the year-ago period. Online sales accounted for 8% of total sales, up from 7.3% last year. Dick's in Q3 opened 27 new Dick's stores and seven Field & Stream locations. It also "closed one Dick's store, leaving it with 645 in 47 states" (POST-GAZETTE.com, 11/17). Dick's Chair & CEO Ed Stack said that the "warm fall weather slowed sales of seasonal gear" (TRIBLIVE.com, 11/17). As of press time, shares of Dick's were trading at $36.58, down 10% from the close of trade yesterday (THE DAILY).