Dick's Sporting Goods' Stock Soars 7% After Earnings Beat And Raised Guidance -- MarketWatch

MarketWatch · 11/26 12:10

Dick's Sporting Goods Inc.'s stock (DKS) rose 7% premarket Tuesday, after the retailer beat estimates for the third quarter and raised its guidance. The Pittsburgh-based company posted net income of $228 million, or $2.75 a share, for the quarter, down from $240 million, or $2.39 a share, in the year-earlier period. Adjusted per-share earnings were also $2.75, ahead of the $2.68 FactSet consensus. Sales rose to $3.057 billion from $3.042 billion a year ago, and were also ahead of the $3.028 billion FactSet consensus. Same-store sales rose 4.2%, while FactSet was expecting them to rise 2.7%. Chief Financial Officer Lauren Hobart said the company had a strong back-to-school season and continued to gain market share. "As a result of our strong performance in the quarter and the continued confidence we have in our business, we are again raising our full year outlook," she said in prepared remarks. Dick's is now expecting full-year same-store sales to growth 3.6% to 4.2%, up from prior guidance for a rise of 2.5% to 3.5%. It expects EPS to range from $13.65 to $13.95, up from prior guidance of $13.55 to $13.90. The stock has gained 46.5% in the year to date, while the S&P 500 has gained 25.5%.

-Ciara Linnane

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November 26, 2024 07:10 ET (12:10 GMT)