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Dick's Sporting Goods shares plunge on weak guidance

Sporting goods plunge
Arnold Media | Getty Images

Shares of Dick's Sporting Goods fell 6.86 percent on Tuesday after the company released its third quarter earnings report and said its fourth quarter will likely not be able to meet analysts' expectations.

For the fourth quarter, the sporting goods company said that it expects earnings to range between $1.19 per share and $1.31 per share, below analysts' expectations for $1.32 per share, according to a consensus estimate from Thomson Reuters.

However, the sports retailer was top Wall Street earnings estimates for the third quarter. Dick's reported earnings of 48 cents per share on revenue of $1.81 billion, beating Street estimates of 42 cents per share on revenue of $1.77 billion, according to a consensus estimate from Thomson Reuters.

Additionally, Dick's reported that its consolidated same-store sales grew 5.2 percent for the quarter, compared to the company's previous guidance of an approximate 2 to 3 percent increase, according to a press release.

The sports retailer's shares have increased 60.42 percent year to date. Before it released its third-quarter earnings report, Dick's closed Tuesday at $56.71 a share.

Dick's Sporting Goods 3-month performance