Dick’s Sporting Goods Raises 2024 Outlook After Strong Back-to-School Season
Dick’s Sporting Goods said an “excellent” back-to-school season pushed the retailer to raise its 2024 outlook.
The sporting goods chain said Tuesday that Q3 revenues were $3.06 billion, up 0.5 percent from the same quarter last year and ahead of the $3.03 billion expected by analysts surveyed by Yahoo Finance. Earnings per diluted share were $2.75, up 15 percent from last year and ahead of the $2.69 analysts were looking for. Comparable store sales were up 4.2 percent.
Dick’s Sporting Goods’ president and chief executive officer Lauren Hobart said the retailer’s strong results were driven by an “excellent” back-to-school season and focus on the retailer’s strategic pillars.
“We believe our differentiated product, quality service and powerful omni-channel experience will resonate well with our athletes this holiday season,” Hobart said.
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Dick’s raised its outlook for fiscal year 2024 and expects net sales in the range of $13.2 billion to $13.3 billion. Earnings per diluted share are expected to be between $13.65 and $13.95 and comparable sales are projected to grow between 3.6 percent and to 4.2 percent.
As of Nov. 2, Dick’s operated 727 locations, including 17 House of Sport stores, five of which opened in fiscal 2024.
“Our strong third quarter results demonstrate the significant momentum we have in our business,” Hobart said. “We continue to make strategic investments such as our House of Sport and Dick’s Field House concepts, where we are redefining sports retail and creating strong engagement with our athletes, brand partners and communities, that will fuel our long-term growth. Sport continues to have a strong influence on culture, and culture on sport, and our House of Sport concept is uniquely positioned to meet the needs of athletes as they look for the best of performance as well as the lifestyle of sport.”
