Dick's falls, Saks rises on better-than-expected Q1 results

The Pittsburgh-based sporting equipment, apparel, and footwear retailer said revenue from new stores offset weakness in its golf category: same-store sales fell 6% while its Golf Galaxy stores sales declined more than 19%.

The company forecast second-quarter earnings of $0.28 to $0.31 cents a share, which is in line with Wall Street estimates.

Shares of Dick's fell $1.11, or 5.6%, Tuesday to close at $18.67. The share price is 61.7% higher than three months ago, but still 32.7% lower than a year ago.

For the quarter ended May 2, Saks posted a net loss of $4.9 million (excluding a loss from discontinued operations), or $0.04 per share. This compares to a year-ago profit of $0.12 per share, as well as a $0.26 per-share loss forecast by analysts.

Same-store sales for the luxury retailer fell 27.6% in the first quarter. Revenue came to $621.3 million, compared to the analysts' consensus estimate of $619.9 million, as well as sales of $850.0 million a year ago.

"Although the sales environment remains extremely difficult, we are carefully managing inventories, expenses, and capital spending," said CEO Stephen I. Sadove "I remain confident that we are taking the necessary actions to emerge as an even stronger company once the economic conditions improve."

Shares of the New York company jumped 17.9% Tuesday to close at $4.81. The share price is up 9.8% year to date.

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