Dick's Sporting Goods stock plunges after disappointing earnings

Assorted Sports Equipment on Black

Shares of Dick's Sporting Goods plunged more than 13.7 percent today after it reported disappointing first-quarter sales.

The Pittsburgh-based retailer, which operates a store in the Hamilton Village shopping center on Gunbarrel Road in Chattanooga, boosted its first quarter profits and said it expects a modest 1 to 3 percent gain in same-store sales. But that was well below industry expectations, especially since other rival sporting goods retailers are shutting down this year.

The earnings report came after a shakeup in the company's executive leadership last week when Dick's said a "computational" blunder resulted in a $23.4 million overstatement in fourth-quarter profit.

In the first quarter ended April 29, sales at stores open at least a year rose by 2.4 percent. That was short of the expected 3 percent to 4 percent increase in same-store sales.