Dick's Sporting Goods announced mixed second quarter earnings today. The company topped Wall Street expectations, but its high risk investment in the U.K. company JJB Sports dragged down the earnings, causing a 22 cent per-share charge for the quarter.
Dick's raised its full year outlook to $2.47 to $2.51 a share, a change from May's outlook of $2.45 to $2.48 a share. For the quarter ending July 28th, the company saw an EPS of 43 cents, down from 59 cents per share a year earlier. But removing the one-time charge from the JJB Sports investment, earnings increased to 65 cents per share, which just beat the 64 cents expected by analysts. Revenue rose by 10% to $1.44 billion from $1.31 billion.
Dick's has no further funding obligations to JJB Sports, according to Chairman and CEO Edward Stack. Dick's is currently trading down nearly 3%.
