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Dick’s Sporting Goods (DKS) third quarter 2021 earnings

Cars are parked outside a Dick’s Sporting Goods store in Monroe Marketplace, Pennsylvania.

Paul Tisserand | SOPA Pictures | LightRocket | Getty Images

Dick’s Sporting Goods on Tuesday reported third-quarter earnings and sales that exceeded analysts’ expectations, leading the sporting goods giant to raise its annual forecast again.

Shares rose less than 1% amid extended trading on the news.

Managing Director Lauren Hobart said consumer demand remained strong after the summer season and the back-to-school rush, and the company’s wide assortment of products enabled it to meet the needs of many buyers, golf clubs to racing apparel.

Here’s how Dick’s fared in its fiscal third quarter compared to what analysts expected, according to a survey compiled by Refinitiv:

  • Earnings per share: $ 3.19 adjusted vs. $ 1.97 expected
  • Turnover: $ 2.75 billion against $ 2.50 billion expected

During the three-month period ended October 30, net income reached $ 316.5 million, or $ 2.78 per share, compared to $ 177.2 million, or $ 1.84 per share, a year earlier.

Excluding items, it gained $ 3.19 per share, ahead of the $ 1.97 expected by analysts.

Revenue rose about 14% to $ 2.75 billion from $ 2.41 billion a year earlier. It exceeded expectations by $ 2.50 billion.

Same-store sales, which track sales for stores that have been open for at least 12 months, increased 12.2%. Analysts polled by StreetAccount expected a gain of 1.9%.

Dick’s said its online sales were only up 1% from the previous year, when many consumers had resorted to online shopping, and increased 97% on a two-year basis. E-commerce sales accounted for around 21% of its total business, up from 19% in 2019.

As its sales accelerated and new customers bought its website and stores during the pandemic, Dick’s invested in his business to keep shoppers coming back for more. She launched a men’s sports brand, VRST, in March. It opened its largest store to date, called House of Sport, in the suburbs of Rochester, New York, in April. The store includes an indoor climbing wall, putting green, health and wellness shop, as well as an outdoor track and grass field.

And in August, it announced a tie-up with its biggest branded supplier, Nike. The Nike Membership Program is now linked to the Dick Loyalty Program to allow customers to purchase exclusive Nike shoes and apparel from Dick’s website.

Dick’s now expects to earn between $ 12.88 and $ 13.06 per share on sales of between $ 12.12 and $ 12.19 billion. After adjustments for expenses related to Covid-19, Dick’s said he would earn $ 14.60 and $ 14.80 per share.

Previously, he estimated annual adjusted earnings to be between $ 12.45 and $ 12.95 per share, for sales of $ 11.52 billion to $ 11.72 billion.

Analysts were looking for adjusted earnings per share of $ 13.13 for fiscal 2021 on sales of $ 11.84 billion.

Dick’s shares have been in tears this year, rising nearly 150% since the start of the year. Its market value is around $ 12.5 billion.

Find the full press release on Dick’s Sporting Goods results here.

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