Dick’s Sporting Goods tops revenue estimates, ups full-year guidance
Coraopolis, Pennsylvania-based sports equipment retailer Dick’s Sporting Goods, Inc. reported net sales of $2.75 billion in Q3 on Tuesday, a figure that represented an increase of 13.9% compared to $2.41 billion in the prior-year period and glided past analysts’ expectations for the quarter.
As reported by CNBC, in the third quarter ended October 30, 2021, financial analysts had expected Dick’s to report sales of $2.50 billion.
Same-store sales for the period increased 12.2%, with e-commerce sales rising 1% year over year and accounting for 19% of the company’s total revenue in the quarter. Compared to the third quarter of 2019, before the Covid-19 pandemic drove many consumers online, the retailer’s e-commerce sales rose 97%.
Total-company sales increased 40.0% when compared to the revenues of $1.96 billion it posted in Q3 2019.
“We are extremely pleased to announce a record third quarter in which we delivered significant sales and earnings growth over both last year and 2019,” commented Dick’s Sporting Goods president and CEO Lauren Hobart in a release. “Consumer demand remained strong, and our differentiated product assortment continued to drive exceptional sales and merchandise margin momentum.”
Q3 net income was $316.5 million, or $2.78 per diluted share, compared to $177.2 million, or $1.84 per diluted share, in the same period in the previous year. Adjusted earnings per share for the quarter were $3.19, compared to the $1.97 predicted by analysts.
Year to date, Dick’s achieved net income of $1.17 billion, or $10.70 per diluted share, compared to $310.64 million, or $3.44 per diluted share, in the same nine-month period in the previous year. Net sales for the period totaled $8.94 billion, up 38.4% compared to $6.46 billion a year ago.
In line with its positive progress in the third quarter, Dick’s also revealed that it has increased its financial guidance for the full fiscal year 2021. The company now expects to report annual net sales of between $12.120 billion and $12.190 billion, representing year-over-year growth of 27% at the midpoint of this range. Earnings per diluted share are predicted to be in the range of $12.88 to $13.06.
“Our fourth quarter is off to a strong start, and we are pleased to increase our full year outlook for the third time this year,” said Hobart. “Looking ahead, we remain very confident in the longer-term prospects of our business.”
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