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

Business

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.

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