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Dick’s Sporting Goods raises full year outlook

By Prachi Singh

Nov 22, 2022

Report

Image: Dick's Sporting Goods via PR Newswire

Comparable store sales at Dick’s Sporting Goods, Inc. increased 6.5 percent on top of a 12.8 percent increase in the third quarter of 2021, a 23.2 percent increase in the third quarter of 2020 and a 6 percent increase in the third quarter of 2019

Net sales of 3 billion dollars increased 7.7 percent versus the third quarter of 2021 and increased 50.8 percent versus the third quarter of 2019.

The company delivered earnings per diluted share of 2.45 dollars and non-GAAP earnings per diluted share of 2.60 dollars.

"We delivered an exceptionally strong third quarter with our comps increasing 6.5 percent and EBT margin of 10.3 percent, which was over three times our 2019 non-GAAP rate," said Lauren Hobart, the company’s president and CEO.

The company has raised its full year comparable store sales guidance to a range of negative 3 percent to negative 1.5 percent, up from negative 6 percent to negative 2 percent previously.

Forecast for earnings per diluted share has also been raised to 10.50 dollars to 11.10 dollars, up from 8.85 to 10.55 dollars previously and expects non-GAAP earnings per diluted share to be 11.50 to 12.10 dollars, up from 10 to 12 dollars.

“Because of our continued strong performance, quality of inventory and the confidence we have in our business, we are raising our full year 2022 outlook,” added Hobart.

On November 21, 2022, the company's board of directors declared a quarterly dividend in the amount of 0.4875 cents per share payable in cash on December 30, 2022 to stockholders of record at the close of business on December 9, 2022.

Dick's Sporting Goods