DICK’S Sporting Goods, Inc. (DKS – Analyst Report), the sporting goods retailer, came out with first-quarter fiscal 2016 results, wherein earnings of 50 cents per share dropped 5.7% year over year, while it surpassed the Zacks Consensus Estimate by a penny.

Earnings Estimate Revision: The Zacks Consensus Estimate has shown a slight downtrend over the last 30 days. Nonetheless, in the trailing four quarters (including the quarter under review), the company has marginally outperformed the Zacks Consensus Estimate by an average of 0.2%.

Revenues: Dick’s Sporting generated total sales of nearly $1,660.3 million that jumped 6.1% year over year, but missed the Zacks Consensus Estimate of $1,663 million. Further, consolidated comparable store sales (comps) for the quarter rose 0.5%.

Key Events: Dick’s Sporting repurchased roughly 1.1 million shares worth $50 million during the first quarter, following which it had shares worth $137 million remaining under its fiscal 2013 authorization. Apart from this, the company authorized a new five-year buyback plan up to $1 billion in Mar 2016. However, the company will continue to repurchase shares under its fiscal 2013 program, until exhaustion.

Further, on May 13, 2016, management declared a quarterly cash dividend of 15.125 cents per share, payable on Jun 30, 2016 to shareholders of record as on Jun 10.

Outlook: For fiscal 2016, the company expects earnings to range from $2.60 – $2.90 per share with comps growth in a range of -1% to +1%. For the second-quarter of fiscal 2016, the company envisions earnings per share to lie in the band of 62 – 72 cents, while it anticipates comps growth to range from -4% to -1%.

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

Stock Movement: Dick’s Sporting shares dropped about 3.2% during pre-market trading hours following the first-quarter results.