Dick Sporting Goods (DKS) Third Quarter 2021 Earnings

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You can see the car parked in front of a Dick’s Sporting Goods store in Monroe Market, Pennsylvania.

Paul Weaver | SOPA Image | Light Rocket | Getty Images

Dick’s Sporting Goods shares fell on Tuesday, although the company’s reported third-quarter earnings and sales exceeded analysts’ expectations, which caused the sporting goods giant to raise its annual forecast.

CEO Lauren Hobart said that consumer demand remains strong after the summer and back-to-school peaks. The company’s wide range of products enables it to meet the needs of many shoppers-from golf clubs to running equipment.

Affected by this news, its stock price has recently fallen by more than 2% in an extended transaction.

According to a poll compiled by Refinitiv, compared with analysts’ expectations, Dick’s performance in the third quarter is as follows:

  • Earnings per share: adjusted for 3.19 US dollars, expected to be 1.97 US dollars
  • Revenue: US$2.75 billion, expected to be US$2.5 billion

During the three-month period ending October 30, net income increased from US$177.2 million or US$1.84 per share in the same period last year to US$316.5 million or US$2.78 per share.

Excluding items, its earnings per share were US$3.19, higher than analysts’ expectations of US$1.97.

Revenue increased by approximately 14% to 2.75 billion U.S. dollars from 2.41 billion U.S. dollars a year ago. This exceeded expectations of $2.5 billion.

Same-store sales increased by 12.2%, tracking the revenue of stores operating for at least 12 months. Analysts surveyed by StreetAccount have been calling for a 1.9% rise.

Dick’s stated that its online sales grew by only 1% over the same period last year, when many consumers were shopping online, and it had grown by 97% in two years. E-commerce sales accounted for approximately 19% of its total business, up from 13% in 2019.

During the pandemic, as sales grew and new customers shopped on its website and stores, Dick’s invested in its business to attract more repeat customers. It launched the men’s sports and leisure brand VRST in March. In April of this year, it opened House of Sport, its largest store to date, in the suburbs of Rochester, New York. The store includes an indoor climbing wall, putting green, health and wellness store, and an outdoor track and field field.

In August, it announced a partnership with Nike, its largest brand supplier. Nike’s membership program is now linked to Dick’s loyalty program, allowing customers to purchase exclusive Nike shoes and apparel on Dick’s website.

Dick’s now expects earnings per share to be between US$12.88 and US$13.06 and sales between US$12.12 billion and US$12.19 billion. After adjusting for Covid-19 related expenses, Dick’s stated that earnings per share were US$14.60 and US$14.80.

Previously, it estimated that the full-year adjusted earnings per share would be between US$12.45 and US$12.95, and sales would be between US$11.52 billion and US$11.72 billion.

Analysts have been looking for adjusted earnings per share for the 2021 fiscal year of $13.13 and sales of $11.84 billion.

Dick’s share price has been rising this year and has risen nearly 150% so far this year. Its market value is approximately $12.5 billion.

Find Dick’s Sporting Goods’ full earnings press release here.


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