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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.

The news sparked a steep fall in Dick's Sporting Goods stock, which tumbled 13.7 percent to close at $41.04 a share, down $6.53.

Like most brick-and-mortar retailers, Dick's is battling with online competition, and is facing "broader distribution in the athletic apparel business that we hadn't anticipated," Dick's CEO Edward Stack told investors.

Online competition contributed to the liquidation of several competitors, including national chain Sports Authority and MC Sporting Goods. Going-out-of-business sales at several dozen Gander Mountain stores are expected to weigh on Dick's sales in the second and third quarter,

"Looking ahead, we continue to evaluate and adjust our business model, and are taking actions to reduce our expense structure in order to fund and develop our longer-term strategic initiatives," Stack said.

Efraim Levy, a CFRA Research analyst who track's Dick's, told USA Today that the market's response to the earnings report was an overreaction because there was "nothing earth-shattering."

"Investors are fidgety when it comes to retailers and any signs of a slowdown in same-store sales warrants concern," he said.

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