Market Updates
Dick's Sporting Goods Comparable Sales Drop 5%
Scott Peters
23 Aug, 2022
New York City
Dick's Sporting Goods Inc increased 1.9% to $112.51 after the sporting goods retailer reported better-than-expected quarterly results and lifted full-year estimates.
Comparable store sales declined 5.1% after rising 20.2% in the quarter a year ago.
The retailer said sales in the quarter fell 5% to $3.1 billion and net income plunged 35.7% to $318.5 million.
Net income in the quarter declined 32.5% to $579.1 million from $857.3 million a year ago.
Inventories at the end of the quarter rose 49% to $2.99 billion from $2.0 billion a year ago as the company ordered more goods ahead of time to navigate challenging supply chain issues.
Dick's Sporting Goods lifted its comparable sales range for the full-year to a decline between 2% and 6% from the previous estimate of a fall between 2% and 8%.
The company lifted full-year 2022 diluted earnings per share guidance to $8.85 to 10.55 from the previous estimate between $7.95 and 10.15.
The retailer also revised higher full-year 2022 non-GAAP diluted earnings per share guidance to $10.00 to 12.00 from the previous estimate in the range of $9.15 and 11.70.
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