Key Takeaways
- Dick’s Sporting Goods beat first-quarter profit and sales estimates as its stores drew in more shoppers who spent more money.
- Comparable sales were up 5.3%, more than double what analysts had been expecting.
- The sports and recreation equipment retailer boosted its full-year adjusted earnings and comparable store sales guidance.
Shares of Dick’s Sporting Goods ( DKS ) surged Wednesday after the sports and recreation equipment retailer posted better-than-anticipated results and boosted its guidance as its stores saw an increase in shoppers who spent more.
The company reported first-quarter earnings per share (EPS ) of $3.30, with net sales up 6% year-over-year to $3.02 billion. Both exceeded estimates.
Comparable store sales jumped 5.3%, up from 3.6% a year ago. Dick’s said that was driven by growth in transactions and average ticket. Earnings before taxes (EBT) margin came in at 11.3%.
Dick’s ‘Core Strategies and Execution Are Delivering Strong Results’
Chief Executive Officer (CEO ) Lauren Hobart explained that the company’s “core strategies and execution are delivering strong results, and we are continuing to gain market share.” She added that because of the solid first-quarter performance and expectations of continuing demand, Dick’s is raising its full-year outlook.
The company now sees 2024 EPS in a range of $13.35 to $13.75, up from the previous outlook of $12.85 to $13.25. It predicts a comparable store sales gain of 2.0% to 3.0%, compared with the earlier view of a 1.0% to 2.0% rise.
Dick’s Sporting Goods shares soared 15% to $224.30 as of 10:06 a.m. ET Wednesday after setting a new high for the year of $228.36 earlier in the session. They are up more than 50% in 2024.