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Dick’s Sporting Goods Inc (NYSE: DKS) jumped 10% this morning after reporting better-than-expected financial results for its third quarter on strong back-to-school sales.
Why else is Dick’s Sporting Goods stock up today?
The stock is being rewarded also because the chain of sporting goods stores raised its guidance for the full year on Tuesday.
Dick’s that recently bought Moosejaw from Walmart now forecasts $11.45 to $12.05 of per-share earnings in fiscal 2023 on up to 2.0% annualised growth in same-store sales. Analysts, in comparison, were at $11.83 per share and 0.7% increase in comparable sales.
That’s a significant change of tone versus the prior quarter when the retailer trimmed its outlook citing theft concerns leading to a sharp decline in Dick’s Sporting Goods stock. Lauren Hobart – Chief Executive of the New York listed firm said in a press release today:
With our best-in-class athlete experience and differentiated assortment, we continued to gain market share as consumers prioritise Dick’s Sporting Goods to meet their needs.
Dick’s Sporting Goods Q3 earnings snapshot
- Earned $201 million versus the year-ago $228 million
- Per-share earnings also declined from $2.45 to $2.39
- Adjusted EPS printed at $2.85 as per the press release
- Sales jumped 2.8% year-over-year to $3.04 billion
- Consensus was $2.44 a share on $2.94 billion in sales
- Declared a quarterly dividend of $1.0 per share
On Tuesday, Dick’s Sporting Goods also said in its earnings release that it was excited for the upcoming holiday season. According to CEO Hobart:
Our comps were driven by increases in both transactions and average ticket. We have confidence in our key strategies with an acknowledgement of the uncertain macroeconomic environment.
Dick’s Sporting Goods stock is still down more than 10% versus its year-to-date high. Watch here: https://www.youtube.com/embed/x54zi4HJP_c?feature=oembed
The post Dick’s Sporting Goods stock jumps 10% on raised full-year guidance appeared first on Invezz