A Dick’s Sporting Goods logo is displayed on the floor of a store on September 04, 2024 in Daly City, California.
Justin Sullivan | Getty Images
Dick’s Sporting Goods CEO Lauren Hobart raised her full-year guidance Tuesday after an “excellent” back-to-school shopping season and better-than-expected comparable sales for the third quarter.
The sporting goods giant now expects fiscal 2024 same-store sales to grow between 3.6% and 4.2%, up from a previous range of 2.5% to 3.5%. That’s ahead of the 3.4% growth that Wall Street analysts had expected, according to StreetAccount.
Dick’s beat expectations on both the top and bottom lines, and its rosy guidance indicated its plans for a strong holiday shopping season after issuing cautious guidance earlier this year ahead of the 2024 election. is
Based on LSEG’s survey of analysts, how the retailer fared in its fiscal third quarter compared to Wall Street expectations:
- Earnings per share: Adjusted to $2.75. vs. $2.68 expected.
- Income: $3.06 billion vs. $3.03 billion expected
Dick’s reported net income for the three-month period ended Nov. 2 of $228 million, or $2.75 per share, compared with $201 million, or $2.39 per share, a year earlier.
Sales rose to $3.06 billion, from $3.04 billion a year earlier.
“We are very proud of our Q3 results and our year-over-year performance. Our third-quarter comp sales increased 4.2%, driven by our continued focus on our strategic pillars and our team’s leadership,” Hobart said in a news release. due to strong execution on behalf of,” Hobart said in a news release. . “As a result of our strong performance in the quarter and continued confidence in our business, we are once again raising our full-year outlook. We are confident that our diverse products, quality service and powerful omni-channel experience will continue to benefit our players. will resonate well with this holiday season.”
During the quarter, strong back-to-school shopping drove comparable sales growth of 4.2 percent, well ahead of StreetAccount’s forecast of 2.7 percent growth. Some of Dick’s fellow retailers said last week that unseasonably warm weather and storms in the Southeast affected sales during the quarter, but the sporting goods company doesn’t appear to be facing the same problems. is
Dix said the strong quarter also increased its full-year sales and earnings guidance.
The company now expects fiscal 2024 sales to be between $13.2 billion and $13.3 billion, according to LSEG, up from estimates of $13.26 billion, and between $13.1 billion and $13.2 billion previously. Beyond the limit.
It now expects full-year earnings per share to be between $13.65 and $13.95, ahead of previous guidance of $13.55 to $13.90. It was not immediately clear whether that was comparable to guidance estimates.