Sales, Margins Accelerate at Dick’s in Q3, Guidance Raised
With growing confidence that its recent headwinds are in the rear view mirror, Dick’s reported net income jumped 52% to $57,584,000 from $37,827,000 on a 6% improvement in sales to $1,962,204,000 from $1,857,273,000 for the third quarter ended Nov. 2. Comp store sales were up 6.0%, with store comps up an implied 5% and the digital business growing 13% and reaching 13% penetration compared to 12% last year. With the Q3 results easily passing forecasts, DKS raised FY guidance to EPS of $3.50-3.60 ($316 mm) from $3.30-3.45 with comps now targeted at 2.5-3.0%. The stock responded with a 21% leap ... Log in to view full article.