A Dick’s Sporting Goods logo is displayed on the floor of a store on September 4, 2024 in Daly City, California.
Justin Sullivan | Getty Images
dick’s sporting goods The company on Tuesday raised its full-year guidance after Chief Executive Lauren Hobart called the back-to-school shopping season “outstanding” and third-quarter comparable sales better than expected.
The sporting goods giant now expects same-store sales to grow 3.6% to 4.2% in fiscal 2024, up from the previous range of 2.5% to 3.5%. The figure beat Wall Street analysts’ expectations of 3.4%, according to StreetAccount.
Dick’s beat revenue and profit estimates, and its upbeat guidance suggested the company is planning for a strong holiday shopping season after issuing cautious guidance earlier this year ahead of the 2024 election.
Here’s how the retailer’s fiscal third-quarter results compared with Wall Street expectations, according to a survey of analysts by LSEG:
- Earnings per share: Adjusted $2.75 Expected to be $2.68
- income: US$3.06 billion Expected to be $3.03 billion
Dick’s reported net income of $228 million, or $2.75 a share, for the three months ended Nov. 2, compared with $201 million, or $2.39 a share, a year earlier.
Sales rose to $3.06 billion, slightly higher than the $3.04 billion in the same period last year.
“We are very proud of our third quarter results and our year-to-date performance,” Hobart said in the release. “Our third quarter sales were driven by a continued focus on our strategic pillars and the exceptional execution of our team.” The amount increased by 4.2%.” “Due to our strong performance in the quarter and continued confidence in our business, we have once again raised our full-year outlook. We believe our differentiated products, superior service and strong omni-channel experience will resonate well with our athletes This holiday.”
For the quarter, strong back-to-school shopping led to comparable sales growth of 4.2%, well above StreetAccount’s forecast of 2.7%. Some of Dick’s’ fellow retailers said last week that unseasonably warm weather and storms in the Southeast were hurting sales during the quarter, but the sporting goods company does not appear to be facing the same problems.
Dick said the strong quarterly results also led it to raise its full-year sales and earnings forecast.
The company now expects fiscal 2024 sales to be between $13.2 billion and $13.3 billion, in line with LSEG’s forecast of $13.26 billion and up from the previous range of $13.1 billion to $13.2 billion.
Full-year earnings per share are now expected to be $13.65 to $13.95, up from the previous forecast of $13.55 to $13.90. It’s unclear whether that guidance is comparable to estimates.
