Dick's Sporting Goods, Inc. (DKS - Analyst Report), the sporting goods retailer, came out with first-quarter fiscal 2015 results, with adjusted earnings of 50 cents per share missing the Zacks Consensus Estimate of 53 cents. Moreover, the bottom line slumped 25.4% from 67 cents a share earned in the year-ago quarter.

On a GAAP basis, quarterly earnings per share came in at 53 cents, down 7% year over year. However, earnings came in the higher end of the company’s predicted range of 49- 53 cents.

Following its first quarter results, Dick's Sporting Goods raised the lower end of its previously issued earnings guidance for fiscal 2015. For fiscal 2015, the company now expects GAAP earnings to range from $3.12- $3.20 per share with comparable store sales (comps) growth of 1%-3%. For the second quarter, the company envisions earnings per share to be 57 cents, while it anticipates comps to range from flat to a 2% rise.

Earnings Estimate Revision: The Zacks Consensus Estimate for fiscal 2015 has been flat over the last 30 days. In the trailing four quarters (including the quarter under review), the company has outperformed the Zacks Consensus Estimate by an average of 1.6%.

Revenues: Dick's Sporting Goods generated total sales of $1,565.3 million that jumped 8.8% year over year and came in line with the Zacks Consensus Estimate of $1,565 million. Further, consolidated comps for the quarter grew 1%.

Key Events: Dick's Sporting Goods bought back nearly 2.6 million shares for about $150 million in the first quarter. Also, on May 14, 2015, the company declared a quarterly cash dividend of 13.75 cents a share, payable on Jun 30, 2015, to shareholders of record as on Jun 12.

Zacks Rank: Currently, Dick's Sporting Goods carries a Zacks Rank #3 (Hold) which is subject to change following the earnings announcement.

Stock Movement: Dick's Sporting Good’s shares are down 4.1% during pre-market trading hours following the earnings release. Clearly, a negative sentiment is palpable among investors following the company’s earnings announcement.