PITTSBURGH (BRAIN) — Dick's Sporting Goods' third-quarter net sales increased 2.8% year-over-year to a record $3.04 billion.
The earnings report ending Oct. 28 prompted Dick's to raise its comparable store sales outlook to a range of positive 0.5% to a positive 2.0% after a 1.7% growth in third-quarter comparable store sales. A strong back-to-school season fueled the record period, said Lauren Hobart, president and CEO.
"As a result of our strong Q3 performance, we are raising our full-year outlook, which balances the confidence we have in our key strategies with an acknowledgment of the uncertain macroeconomic environment," Hobart said. "We're excited for the upcoming holiday season and the product, service, and experience we are providing to our athletes."
Net income for the quarter was $201 million, down 11.8% from $228 million year-over-year. Earnings per share decreased 16.3%, from $2.94 to $2.46.
Full-year earnings per diluted share outlook was updated from $11.45 to $12.05, while full-year non-GAAP earnings per diluted share outlook was raised to $12-$12.60, up from $11.50-$12.30.
"Our strong Q3 comps demonstrate the impact of our strategies and our commitment to innovation," said Ed Stack, executive chairman. "We are confident in the future of our business and believe our results demonstrate how we are successfully differentiating ourselves in the marketplace."
Dick's Sporting Goods is traded on the New York Stock Exchange under the DKS symbol. More information: DKS stock quote at NYSE.com.
