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Dick's Sporting Goods posts solid performance

Nov 28, 2022 United States
Dick's Sporting Goods posts solid performance
The sporting goods retailer has reported a 7.7% net sales increase in the third quarter of 2022, as compared to the same period of last year, deciding to raise the full year outlook in result
"We delivered an exceptionally strong third quarter with our comps increasing 6.5% and EBIT margin of 10.3%, which was over three times our 2019 non-GAAP rate.  Dick's is a growth company, and our Q3 sales results are powerful evidence of our sustainable growth story. 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", commented Lauren Hobart, President, and Chief Executive Officer of Dick’s Sporting Goods.

Third Quarter Results

In the third quarter of fiscal 2022, the company's net sales reached 3.0 billion US dollars, which reflects an increase of 7.7%, on a comparable basis to the same period of last year; when compared to the similar pre-pandemic third quarter (2019), net sales rose by 50.8%.  Comparable store sales grew by 6.5% in this period.

Dick's Sporting Goods' net income totalled 228 million US dollars in the third quarter of the current fiscal year, as compared to a net income of 317 million US dollars in the same quarter of the prior year.

In the three months to the 29th of October, the retailer delivered earnings per diluted share of 2.45 US dollars and non-GAAP earnings per diluted share of 2.60 US dollars, on a comparable basis to earnings per diluted share of 2.78 US dollars and non-GAAP earnings per diluted share of 3.19 US dollars in a similar period of fiscal 2021.

Full Year Outlook

The company has decided to raise its fiscal 2022 comparable store sales guidance to a range of negative 3.0% to negative 1.5% growth, as compared to the previous range of negative 6.0% to negative 2.0% growth.

Dick's Sporting Goods is also expecting annual earnings per diluted share between 10.50 US dollars to 11.10 US dollars, up from the 8.85 US dollars to 10.55 US dollars range previously forecasted; accordingly, non-GAAP earnings per diluted share should come in from 11.50 US dollars to 12.10 US dollars, up from 10.00 US dollars to 12.00 US dollars estimated in the previous quarter.


Image Credits: frontofficesports.com

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