Dick's Sporting Goods Inc. (NYSE: DKS) announced it will buyback
shares worth for up to $200 million and revised its fourth quarter and
full-year earnings forecast.
On Thursday, shares surged 5.7 percent to $38.50 in pre-market.
The Coraopolis, Pennsylvania-based sporting goods retailer said the
warmer-and drier-than-normal winter has impacted its same store sales
and inventory levels.
The company now expects fourth quarter earnings per share in the
range of $0.87 to $0.88 from prior expectations of $0.87 to $0.89, while
analysts expect $0.87 a share. It also expects same store sales to be
slightly negative to slightly positive compared to its prior outlook of
flat to an increase of 1 percent.
For full year 2011, non-GAAP consolidated earnings per share are
expected to be $2.01 to 2.02, compared with prior view of $2.01 to 2.03,
while analysts estimate $2.02 a share. Same store sales are expected to
approach 2 percent.
DKS, which has been trading in the 52-week range between $29.10 and $42.97, ended Wednesday's regular trading at $36.40.