Shares of Dick’s Sporting Goods Inc. plummeted 17.7% toward a 16-month low in premarket trading Wednesday, after the sporting goods and apparel retailer reported fiscal first-quarter results that beat expectations but cut its full-year outlook, citing “evolving macroeconomic conditions.” Net income for the quarter to April 30 fell to $260.6 million, or $2.47 a share, from $361.8 million, or $3.41 a share, in the year-ago period. Excluding nonrecurring items, adjusted earnings per share of $2.85 was above the FactSet consensus of $2.52. Sales fell 7.5% to $2.70 billion, but topped the FactSet consensus of $2.63 billion, as a 8.4% decline in same-store sales beat expectations for an 11.0% drop. For fiscal 2022, the company slashed its adjusted EPS guidance range to $9.15 to $11.70 from $11.70 to $13.10 and cut its same-store sales growth outlook to negative 8% to negative 2% from negative 4% to flat. The stock has tumbled 38.1% year to date through Tuesday, while the SPDR S&P Retail ETF has dropped 34.5% and the S&P 500 has lost 17.3%.
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