Retailer Dick’s Sporting Goods (DKS) has delivered fiscal second-quarter financial results that beat Wall Street estimates on the top and bottom lines.
The Binghamton, New York-based chain of sporting goods stores reported earnings per share (EPS) of $4.37 U.S., which topped analysts’ consensus expectations of $3.83 U.S.
Revenue for the quarter came in at $3.47 billion U.S., which also best forecasts that had called for $3.44 billion U.S. Sales were up 8% from a year earlier.
Dick’s also reported that its comparable sales increased 4.5% year-over-year, which topped the 3.6% that analysts on Wall Street had expected.
Management attributed the strong results to growth in transactions and tickets, meaning that more people are shopping at Dick’s Sporting Goods and spending more money while at the stores.
In terms of guidance, Dick’s said that it anticipates a slowdown in consumer spending this autumn heading into the busy year-end holiday shopping season.
The company said it now expects earnings of $13.55 U.S. to $13.90 U.S. for the current fiscal year, up from previous guidance of $13.35 U.S. to $13.75 U.S. per share.
Dick’s maintained its revenue guidance for the year at $13.10 billion U.S. to $13.20 billion U.S., which is a bit below the $13.24 billion U.S. expected among analysts who cover the company.
The latest earnings print from Dick’s Sporting Goods comes a week after the company disclosed that it was the victim of a cyberattack and some confidential information was stolen.
Dick’s said that it has initiated a cybersecurity response plan and has launched an external investigation to ensure the threat is isolated and neutralized.
The stock of Dick’s Sporting Goods has risen nearly 60% so far in 2024 and currently trades at $232.12 U.S. per share.
