Retailer Dick’s Sporting Goods (DKS) has issued third-quarter financial results that beat Wall Street forecasts and raised its full-year guidance.
The Binghamton, New York-based company that sells sports equipment announced earnings per share (EPS) of $2.75 U.S., which topped the $2.68 U.S. that was expected among analysts.
Revenue in the quarter totaled $3.06 billion U.S., which was ahead of the $3.03 billion U.S. expected on Wall Street. Sales were up 4% from a year earlier.
Management attributed the results to a strong back-to-school shopping season and better-than-expected comparable sales for the July through September quarter.
The company added that it anticipates a strong holiday shopping season after issuing cautious guidance earlier this year ahead of the U.S. election.
Looking ahead, Dick’s raised its full-year outlook, saying it now expects same-store sales to grow between 3.6% and 4.2%. That’s up from a previous range of 2.5% to 3.5%, and ahead of the 3.4% growth forecast among analysts.
For all of this year. Dick’s Sporting Goods is now expecting sales of $13.2 billion U.S. to $13.3 billion U.S., which is in line with estimates of $13.26 billion U.S.
Previously, the company had forecast sales in a range of $13.1 billion U.S. to $13.2 billion U.S.
Full-year earnings are forecast to be $13.65 U.S. to $13.95 U.S., ahead of previous guidance that called for $13.55 U.S. to $13.90 U.S.
The stock of Dick’s Sporting Goods is up 6% on news of the company’s latest financial results. So far in 2024, the stock has gained 47% to trade at $215.23 U.S. a share.
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