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Dick's Sporting Goods Strikes Out on Slashed Earnings Guidance

Shares of Dick's Sporting Goods are plunging Tuesday after the sports equipment chain guided for weaker full-year earnings than analysts expected. Over fiscal 2014, the company expects EPS of $2.70 to $2.85, well below previous guidance of at least $3.03 a share and analyst expectations for as much as $3.08. Management said profits will be lower, weighed on by continued weakness in golf sales. The segment negatively impacted first-quarter results, too. In its April-ending quarter, Dick's earned 50 cents a share, missing estimates by 2 cents, and revenue of $1.44 billion fell short of estimates by $20 million.