Retailers have seen a pullback in discretionary spending this earnings season.
Dick’s Sporting Goods Inc., which reports fourth-quarter results before market open Tuesday, is expected to sidestep the spending weakness that has affected many retailers this earnings season.
The... Dick’s Sporting Goods Inc., which reports fourth-quarter results before market open Tuesday, is expected to sidestep the spending weakness that has affected many retailers this earnings season. The analyst also described the company’s stock as a “rock” in contrast to other names in the retail sector. “[Dick’s] shares seem to have a lot of pull to want to move higher,” he wrote, pointing to the company’s third-quarter results last year. “There were blemishes in the print. Yet, the stock rallied 10.1% on the day of the release, showing that the market has a favorable view of this retailer’s outlook.
In a recent report, analytics company Placer.ai said that Dick’s Sporting Goods and sporting-apparel retailer Hibbett Inc. HIBB have seen foot traffic increase from 2019, before the COVID-19 pandemic hit. During the fourth quarter of 2022, Dick’s foot traffic was up 0.8% compared with 2019, while Hibbett’s was up 28%.“The two chains’ emphasis on expansion over the past few years has likely contributed to their consistently outperforming foot traffic,” wrote Placer.ai.
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