Investors pulled back on Dick's Sporting Goods shares yesterday after the Findlay retailer trounced third-quarter earnings expectations, then hurried to warn there's a lot to worry about in the fourth quarter. Shares fell $2.30, or 9.3 percent, to $22.52.

Dick's profit tripled to $18.9 million, or 16 cents per share, in the three months ended Oct. 31, compared to $6.2 million, or 5 cents per share, in the same period last year. Analysts polled by Thomson Financial had been looking, on average, for earnings of 9 cents.

The retailer said an early cold snap moved sales into the third quarter that usually would have come later. The shift could affect results for the holiday quarter, in which earnings are now projected in the range of 41 to 46 cents per share. Analysts had been looking for 57 cents.

"We believe there is much uncertainty about the consumer attitude around spending this holiday season," Edward W. Stack, chairman and CEO, told analysts in a conference call yesterday. He said Americans' concerns about health-care legislation, taxes and unemployment may make them hesitant to buy.

When one analyst challenged the premise that political concerns were hurting the retailer as Dick's has shown improvements for several quarters, the CEO called that a "cute way of saying 'things are less bad.' " Mr. Stack said consumers weren't panicked the way they were a year ago, but that they were not confident either.

Dick's fourth-quarter comparisons also have to compete with the ramifications of more political fallout. Last year at this time, guns and ammunition sales were roaring along in the wake of the election of President Barack Obama and fears of more gun control.

Total sales in this year's third quarter rose 7.1 percent to $989.8 million, an increase credited to a 1.9 percent improvement in sales at established stores, opening new locations and online sales. The company's namesake stores performed better than its Golf Galaxy chain, but Mr. Stack said golf sales were starting to improve.

For the full year, the retailer calculates earnings per share will be in the range of 99 cents to $1.04. In fiscal 2008, Dick's lost 36 cents per share.

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