Dick’s shares take a hit on disappointing holiday sales

CORAOPOLIS, Pa. (AP) — Dick’s Sporting Goods shares are sliding in early trading after the company reported some disappointing holiday sales numbers.

Sales at existing stores fell 2 percent during the fourth quarter, which was about double the decline Wall Street was expecting.

Net income was $116 million, or $1.11 per share. Earnings, adjusted for non-recurring costs, came to $1.22 per share, which is 2 cents better than analysts expected, according to a survey by Zacks Investment Research.

Revenue was $2.66 billion, shy of Wall Street projections for $2.73 billion.

Shares Dick’s Sporting Goods Inc. tumbled 6 percent before the opening bell Tuesday.

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