Dick’s Sporting Goods posted cautious guidance earlier this year as it braced for the 2024 election, but it now expects sales to be better than expected.
Dick's Sporting Goods posted better-than-expected sales and earnings, leading it to raise its full-year guidance.
The sporting goods giant previously issued cautious guidance ahead of the 2024 presidential election.raised its full-year guidance on Tuesday after what CEO Lauren Hobart called an"excellent" back-to-school shopping season and better-than-expected comparable sales for its third quarter.The sporting goods giant is now expecting fiscal 2024 same-store sales to grow between 3.6% and 4.2%, up from a previous range of 2.5% to 3.5%. That's ahead of the 3.
Dick's beat expectations on the top and bottom lines, and its rosy guidance indicates its planning for a strong holiday shopping season after issuing cautious guidance earlier this year ahead of the 2024 election.Here's how the retailer did in its third fiscal quarter compared with what Wall Street was anticipating, based on a survey of analysts by LSEG:Dick's reported net income for the three-month period that ended Nov. 2 of $228 million, or $2.
During the quarter, robust back-to-school shopping led to comparable sales growth of 4.2%, well ahead of the 2.7% growth that StreetAccount had expected. Some of Dick's fellow retailers in the last week said unseasonably warm weather and storms in the Southeast impacted sales during the quarter, but it doesn't appear as if the sporting goods company faced the same issues.The company is now expecting fiscal 2024 sales to be between $13.2 billion and $13.
It's now expecting full-year earnings per share to be between $13.65 and $13.95, ahead of previous guidance of $13.55 to $13.90. It wasn't immediately clear if that guidance was comparable to estimates.Kohl's CEO Kingsbury to step down, to be replaced by Michaels CEO Buchanan
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