PITTSBURGH (BRAIN) — Dick's Sporting Goods reported net sales increased 7.7% in the third quarter and raised full-year guidance.
Net sales for the quarter ending Oct. 29 were $3 billion, up from $2.7 billion from the same time last year. Comparable store sales increased 6.5%.
Dick's projects earnings for 2022 in the range of $10.50-$11.10 per share — up from $8.85-$10.55 previously — and raised non-GAAP earnings per diluted share guidance to $11.50-$12.10 per share, an increase from $10-$12 previously.
"Our Q3 results demonstrate the continued success and strength of our transformational journey," said Ed Stack, executive chairman. "Our strategies continue to work as we reimagine the athlete experience and offer a compelling and differentiated assortment as well as a best-in-class omni-channel ecosystem. I'd like to thank all our teammates for their hard work and unwavering dedication to our business."
Net income decreased 28%, from $317 million to $228 million, and earnings per share for the third quarter dropped 12% from $2.78 to $2.45 year-over-year.
Dick's Sporting Goods is traded on the New York Stock Exchange under the DKS symbol. More information: DKS stock quote at NYSE.com.
