Dick's warns on golf, shares plunge 18 percent

James R. Healey
Disappointing retail roundup

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.