DICK'S Sporting Goods, Inc. (NYSE:DKS) shares closed more than 2% lower today despite the company’s reported strong Q2 results and raised full-year outlook.

Q2 EPS came in at $3.68, better than the Street estimate of $3.57. Revenue was $3.1 billion, compared to the Street estimate of $3.06 billion.

Key takeaways from the print include (1) underlying demand remains solid, helped by seemingly shifted demographic trends and substantial re-merchandise efforts at the chain, (2) management is optimistic that now more plentiful inventories should better satiate demand, with limited incremental markdowns, and (3) data suggest an initial healthy start to back-to-school.

For the full 2022-year, the company expects EPS to be in the range of $10.00-$12.00, compared to the Street estimate of $10.87.