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By
Reuters
Published
Aug 16, 2011
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Dick's Sporting sees Q3 profit below estimates

By
Reuters
Published
Aug 16, 2011

August 16 - Dick's Sporting Goods Inc reported quarterly sales below analysts' estimates, hurt by an unusually wet spring, and forecast a lower-than-expected profit for its third quarter, sending its shares down 9 percent.

Dick's Sporting Goods Inc
Nike - Make yourself.

Dick's Sporting, which also reported a higher-than-expected quarterly profit and raised its profit outlook for the year, expects a third-quarter profit of 24-26 cents a share.

Analysts on average were looking for a profit of 28 cents a share, according to Thomson Reuters I/B/E/S.

Second-quarter sales at the company, which sells branded merchandise like athletic footwear, gear and apparel under brands such as Nike, Adidas and Under Armour, rose 7 percent to $1.3 billion, below estimates of $1.32 billion.

Shares of the largest publicly traded U.S. sporting goods retailer were down 9 percent at $29.80 before the bell.

(Reporting by Mihir Dalal in Bangalore; Editing by Saumyadeb Chakrabarty)

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