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Dick's Sporting Goods' stock sinks after sales miss, downbeat outlook offsets profit beat

Shares of Dick's Sporting Goods Inc. DKS, +2.01% sank 6.three% in premarket trade Tuesday, after the sporting goods retailer beat fiscal fourth-quarter benefit expectations, but neglected on gross sales and equipped a downbeat outlook. Net income for the quarter to Feb. three rose to $116.Zero million, or $1.11 a proportion, from $90.2 million, or 81 cents a proportion, in the same length a 12 months in the past. Recent tax legislation ended in a $6 million price all through the quarter. Excluding non-recurring pieces, adjusted earnings in step with proportion came to $1.22, above the FactSet consensus of $1.20. Revenue rose to $2.66 billion from $2.48 billion, but was once underneath the FactSet consensus of $2.74 billion, because the same-store gross sales decline of two.Zero% compared with expectations of a nil.nine% decline. For 2018, the corporate expects same-store sale to be flat to down in the low single-digit share vary, whilst the FactSet consensus is for a nil.2% upward push. The inventory had rallied 7.6% over the last 3 months via Monday, whilst the SPDR S&P Retail ETF XRT, -Zero.33% had gained 1.5% and the S&P 500 SPX, -Zero.13% had complex 4.5%.