Dick’s Sporting Goods Inc. DKS reported third-quarter adjusted earnings per share of $2.75, beating the street view of $2.68. Quarterly sales of $3.06 billion (+0.5%) outpaced the analyst consensus of $3.03 billion.
“We continue to make strategic investments such as our House of Sport and DICK’S Field House concepts, where we are redefining sports retail and creating strong engagement with our athletes, brand partners and communities, that will fuel our long-term growth,” said Ed Stack, Executive Chairman.
The company delivered year-to-date comparable sales growth of 4.7% and EBT margin of 11.8%.
“Our third quarter comp sales grew 4.2%, driven by a continued focus on our strategic pillars and great execution from our team. We had an excellent back-to-school season and continued to gain market share,” said Lauren Hobart, President and Chief Executive Officer.
The company exited the quarter with cash and equivalents worth $1.459 billion. Net inventories as of quarter end totaled $3.726 billion.
Dividend: On November 25, the company authorized and declared a quarterly dividend of $1.10 per share, payable in cash on December 27.
Outlook: Dick’s Sporting now expects FY24 earnings per share to be between $13.65 and $13.95, up from the previous forecast of $13.55 to $13.90, compared to the consensus estimate of $13.88.
The company sees FY24 net sales of $13.2 billion to $13.3 billion versus the $13.25 billion consensus and the prior view of $13.1 billion to 13.2 billion
Price Action: DKS shares are trading lower by 1.65% to $211.68 at last check Tuesday.
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