FMP
Dick's Sporting Goods Shares Gain on Q3 Beat & Raised Outlook
Nov 21, 2023 3:40 PM - Davit Kirakosyan(Last modified: Dec 19, 2023 5:49 PM)
Image credit: FMP
Dick's Sporting Goods (NYSE:DKS), reported third-quarter earnings that surpassed expectations, leading to a more than 5% increase in its shares intra-day today.
The company's adjusted earnings per share (EPS) came in at $2.85, significantly outperforming the analyst consensus of $2.46. Their reported revenue for the quarter was $3.04 billion, surpassing the expected $2.95 billion.
However, the gross margin for the quarter was 34.9%, slightly lower than the anticipated 35.4%. In terms of inventory, there was a noticeable 2% decrease. More positively, comparable store sales showed an upward trend with a growth of 1.7%, compared to analysts' expectations of a 1.9% decline.
Looking forward, Dick's Sporting Goods forecasts an EPS in the range of $12.00 to $12.60 for the full year, higher than the Street estimate of $11.79. The company also expects comparable full-year sales to rise between 0.5% and 2%.
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