Earnings

Dick’s Sporting Goods shares skyrocket on earnings beat, raised outlook

Kayaks are displayed outside of a Dick’s Sporting Goods Inc. store in West Nyack, New York.

Craig Warga | Bloomberg | Getty Images

Dick’s Sporting Goods on Tuesday reported its strongest same-store sales gains since 2013, as its e-commerce sales grew 13% during the latest quarter, and it sold more apparel and footwear.

The company also hiked its full-year profit outlook in the wake of the strong results.

CEO Ed Stack said the company saw increases in both the shopper’s average ticket and in the number of transactions during the third quarter. “As we head into the holiday season, we remain very enthusiastic about our business,” he said in a statement.

Dick’s Sporting Goods shares jumped more than 13% in premarket trading on the news.

Here’s how the sporting goods retailer did during its fiscal third quarter compared with what analysts were expecting, based on Refinitiv data:

  • Earnings per share: 52 cents, adjusted, vs. 38 cents expected
  • Revenue: $1.96 billion vs. $1.91 billion expected
  • Same-store sales: up 6% vs. growth of 2.9% expected

Dick’s Sporting Goods now expects to earn between $3.50 and $3.60 per share this year, on an adjusted basis, compared with a prior range of $3.30 to $3.45 a share.

Dick’s Sporting Goods shares, as of Monday’s market close, are up more than 26% this year. The company has a market cap of roughly $3.6 billion.

Read the full earnings press release here.

Products You May Like

Articles You May Like

Introducing Forbes Billionaire Investor
Nearly 6 million older adults are living below the poverty line. These resources can help struggling seniors
These are the best ways to give to charity for the ‘vast majority of people.’ Here’s how to pick the most tax-efficient strategy
Should You Pay Off Your Mortgage Before Retirement?
Higher-income Medicare beneficiaries may face smaller premium surcharges in 2023. Here are tips for reducing or avoiding those extra amounts

Leave a Reply

Your email address will not be published.