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Dick's warns on golf, shares plunge 18 percent

Dick's Sporting Goods didn't make as much money the first quarter as Wall Street expected, sending the stock price plunging 16% in mid-morning trading.

Not enough golfers and hunters, the company said, explaining the earnings and revenue misses.

Dick's said its Q1 earnings were $70 million, or 57 cents a share, up from $64.8 million, or 52 cents a share. Revenue was $1.4 billion, up 7.9%. The per-share number was several cents below Wall Street forecasts, and revenue was off about $600,000.

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Consolidated same-store revenue increased 1.5%, compared to the Company's guidance of 3% to 4%.

Still, the increases weren't as good as expected, and CEO Edward Stack said, "Our difficulties this quarter were isolated to two categories: golf and hunting."

"After a very challenging first quarter in golf last year, we expected some further headwinds and only modest improvement, but instead we saw a continued significant decline. In the case of hunting, we planned" for a decline, but "it was even weaker than expected," Stack said.

He cited improvements in eCommerce, women's and youth athletic apparel, footwear and team sports.

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