PITTSBURGH (AP) -- Dick's Sporting Goods Inc. said Thursday that milder-than-usual weather hurt sales and inventories during the fourth quarter, but its results will meet expectations.
The Pittsburgh-based retailer now expects fourth-quarter net income will be 87 or 88 cents per share, versus prior guidance of 87 cents to 89 cents per share. Analysts expect 87 cents per share, according to FactSet. That means it also expects its annual earnings of $2.01 or $2.02 per share, compared with prior guidance of $2.01 to $2.03 per share. Analysts expect $2.02 per share, on average.
Dick's expects quarterly revenue in stores open at least one year to be slightly negative or slightly positive, from prior guidance of up 1 percent.
The company also said its board of directors authorized a $200 million share repurchase program over the next year. The sporting goods retailer is repurchasing shares to offset the effect of stock options connected to its 2002 initial public offering that are expected to be exercised this year.
Shares of Dick's jumped $3.94, or 10.8 percent, to $40.34 in midday trading. Shares have traded between $29.10 and $42.97 over the past year.
There are no comments yet