• Q1 GAAP net income of $61.3m
  • Sales increase 7.9%
  • Same store sales up 1.5%

US retailer Dick's Sporting Goods has recorded earnings in its first-quarter that came in below its expectations due to weakness in its golf and hunting divisions.

The company reported consolidated non-GAAP net income for the period ended 3 May of US$61.3m, or $0.50 per diluted share. This compared to expectations of $0.51 to $0.53 per diluted share. Earnings in the prior year quarter were slightly lower at $60.5m.

Net sales, however, increased 7.9% to $1.4bn, while consolidated same store sales were up 1.5%. This compared to the firm's guidance of an approximate 3% to 4% increase.

"Our difficulties this quarter were isolated to two categories: golf and hunting," said CEO Edward Stack. "After a very challenging first quarter in golf last year, we expected some further headwinds and only modest improvement, but instead we saw a continued significant decline. In the case of hunting, we planned the business down based on last year's catalysts, but it was even weaker than expected."

As a result, the company has revised its full-year outlook and now expects non-GAAP EPS of around $2.70 to 2.85, compared to previous guidance of $3.03 to $3.08.

Consolidated same store sales are expected to increase around 1% to 3%, compared to a 1.9% increase in fiscal 2013. This compares a previous expectation of a 3% to 4% increase.