Investing.com -- Shares in Dick`s Sporting Goods Inc (NYSE:DKS) fell more than 5% on Tuesday, after the Fortune 500 sports equipment, apparel and retailer posted worse than expected earnings for its first quarter that ended in early-May.
During the first quarter of 2015, net earnings for the Pittsburgh-based company fell approximately 10% on a year-over-year basis to $63.3 million or 0.53 per share from 70 million or 0.57 per share over the same period last year. Dick's still increased revenues during the quarter from $1.439 billion to $1.565 billion, in line with analysts' forecasts of a $1.561 billion gain.
"We are pleased with our first quarter results as we generated earnings at the high end of our expectations, despite a slow start to the spring season," Dick's Sporting Goods CEO Edward W. Stack said in a statement. "I am confident in our full year outlook as we remain focused on growing our business through driving store productivity, adding new stores in new and under-penetrated markets, expanding and controlling our eCommerce business, and further developing our Field & Stream specialty concept."
While Dick's expanded same-store sales by 1.8%, the company was tamped down by a poor quarter from its Golf Galaxy brand which saw its same-store sales fall by 11% in the period. The division's struggles are "receiving more air time than it needs," Stack added. The company as a whole increased same-store sales by 1%, below forecasts of a 1.5% gain.
During the first quarter the company opened nine new Dick's Sporting Goods locations and an additional Field & Stream store. Last month, the company reiterated its full-year 2015 guidance and offered a 3-year diluted EPS CAGR guidance of approximately 12% to 16%.
Shares in Dick's Sporting Goods fell 2.86 points or 5.08% on Tuesday to 53.43. In early-April, shares reached a 52-week high at 58.98.