Dicks Sporting Goods Inc (NYSE: DKS ) stock was down today following the disclosure of an accounting error.
Dicks Sporting Goods Inc says that an accounting error caused it to report the wrong amount of Adjusted EBITDA in its GAAP to non-GAAP Reconciliation - Adjusted EBITDA tables. This caused it to reports Adjusted EBITDA that was $23.4 million above the actual amount.
The overstatement occurred during Dicks Sporting Goods Inc's earnings report for the 13 weeks and 52 weeks that ended Jan. 28, 2017. The error was present in its SEC filing for the quarter on March 7, 2017.
Dicks Sporting Goods Inc has provided updated Adjusted EBITDA values in a filing with the SEC. It reports that Adjusted EBITDA for the 13-week period was $291.39 million. The sporting goods retailer reported Adjusted EBITDA of $263.59 million from the same time in the previous year.
Dicks Sporting Goods Inc reports that Adjusted EBITDA for the 52-week period that ended on Jan. 28, 2017 was $767.57 million. The Adjusted EBITDA reported by the company during the same period of the year prior was $736.37 million.
Dicks Sporting Goods Inc notes that there are no additional changes that need to be made to its original filing due to the accounting error. The SEC filing amending the accounting error was released today, May 12, 2017.
Dicks Sporting Goods Inc is set to report its earnings for the first quarter of 2017 on May 16, 2017. Wall Street is expecting the company to report earnings per share of 54 cents on revenue of $1.84 billion.
DKS stock was down 5% as of Friday afternoon and is down 10% year-to-date.
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