May 20 (Bloomberg) -- Dick’s Sporting Goods Inc. fell as much as 16 percent in early trading after forecasting profit this year that would be less than analysts estimated as sales to golfers and hunters weaken.
The shares tumbled as low as $44.64 at 7:59 a.m. in New York after closing at $53.16 yesterday. Coraopolis, Pennsylvania-based Dick’s dropped 8.5 percent this year through yesterday.
Chief Executive Officer Edward Stack said today in a statement that golf-equipment sales have continued to fall, defying the company’s expectations for “modest improvement.” Hunting-gear sales also have been weaker than expected, he said.
Earnings per share in the current fiscal year will be as much as $2.85, down from a previous projection of a maximum of $3.08, Dick’s said. The average of 30 analysts’ estimates compiled by Bloomberg was $3.08.
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