Due to a good back-to-school season, Dick’s Sporting Goods Inc. beat expectations for the third quarter and raised its guidance.
The Pittsburgh-based company’s net income for the quarter was $228 million, or $2.75 per share. This was less than the $240 million, or $2.39 per share, it made during the same time last year.
It was also $2.75 per share for Dick’s DKS 1.03%, which was more than the $2.68 average estimate from FactSet.
This year’s sales went up from $3.042 billion to $3.057 billion, which was more than the $3.028 billion that FactSet predicted would happen.
In the same stores, sales went up 4.2%, while FactSet thought they would go up 2.7%.
On Tuesday morning, shares were pretty much flat.
CEO Lauren Hobart said that the company had a good back-to-school season and kept growing its market share.
Because of how well we did in the quarter and how confident we are in our business, she said in prepared remarks, “We are again raising our full-year outlook.”
Dick’s now thinks that same-store sales will rise 3.6% to 4.2% for the whole year, when they had earlier said they thought they would rise 2.5% to 3.5%. It now thinks that EPS will be between $13.65 and $13.95, up from $13.55 to $13.90 that it said it would be.
Still, the business thinks that sales for the whole year will be between $13.2 billion and $13.3 billion.
The stock is up 46.5% so far this year, while the S&P 500 is up only 1%.
SPX has gone up 25.5%, or 0.24%.
