Dick’s Sporting Goods raised its full-year guidance on November 26, 2024, following a strong third-quarter performance. The company’s CEO, Lauren Hobart, described the back-to-school shopping season as “excellent,” leading to better-than-expected comparable sales and earnings.
- Dick's raised full-year sales guidance.
- Strong back-to-school shopping season reported.
- Comparable sales grew 4.2% in Q3.
- Earnings per share exceeded analyst expectations.
- Fiscal 2024 sales projected between $13.2-$13.3 billion.
- CEO credits team execution and strategy.
Dick’s Sporting Goods reported a net income of $228 million for the three-month period ending November 2, 2024, translating to $2.75 per share. This marks an increase from the $201 million, or $2.39 per share, reported during the same period a year prior. Revenue also rose to $3.06 billion, slightly up from $3.04 billion in the previous year.
The company’s comparable sales grew by 4.2%, outperforming the anticipated 2.7% growth. Key performance indicators include:
- Earnings per share: $2.75 adjusted vs. $2.68 expected
- Revenue: $3.06 billion vs. $3.03 billion expected
Hobart expressed pride in the company’s performance, emphasizing the importance of strategic focus and execution. The strong results have led Dick’s to raise its full-year sales and earnings guidance, now projecting fiscal 2024 sales between $13.2 billion and $13.3 billion. This is an increase from a previous range of $13.1 billion to $13.2 billion. The company also anticipates earnings per share between $13.65 and $13.95, up from earlier guidance of $13.55 to $13.90.
Despite challenges faced by other retailers due to weather conditions, Dick’s Sporting Goods capitalized on the back-to-school shopping season. The positive outlook suggests confidence in a robust holiday shopping season, with the company focusing on delivering quality products and services to its customers.
The strong performance of Dick’s Sporting Goods in the third quarter highlights the company’s effective strategies in a competitive retail environment. With raised expectations for the holiday season, the company aims to maintain its momentum into the new year.
