Dick’s Sporting Goods (DKS) quarter results beat analysts’ expectations, and shares rose by over 15 percent in intra-day trading. The big box sports retailer also raised its full-year guidance but remains cautious for the back half of the year. Revenue and earnings have increased for the quarter ending May 4, but the company has taken a careful approach to sales guidance.
On Wednesday, Dick’s Sporting Goods announced its quarter-ending May 4 results and said that it was raising its full-year earnings guidance as many web fans have been spending more on athletic gear as well as new sneakers. It has raised its full-year guidance and is expecting earnings per share in the range of $13.35 to $13.75, while its earlier range was $12.85 to $13.25, beating LSEG analyst’s estimates of $13.25.
Dick’s has also raised its sales guidance but has taken a more cautious approach. The new comparable sales guidance is between 2 percent and 3 percent compared with the earlier guidance of 1 percent to 2 percent. Street Accounts said that analysts expected a 2 percent growth, the lower range of the new sales guidance.
Dick’s Sporting Goods reported an earnings per share of $3.30 in its recent quarter, while Wall Street analysts polled by LSEG estimated an earning per share of $2.95. The footwear and apparel retailer posted a revenue of $3.02 billion, while analysts expected the income in the quarter to be $2.94 billion. The sales saw a roughly 6 percent increase from last year’s quarter.
On an earnings call, CEO Lauren Hobart told analysts that the different areas, including “total hard lines,” saw growth in the quarter, and web fans were responding to “the experience” that they provided “in-store and online.”
Apparel and footwear markets are slowly reviving after a dismal performance in earlier quarters. CWEB gives Dick’s Sporting Goods a Hold rating.
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