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Dick's Sporting Goods Stock Jumps on Profit Report and Guidance

Dick's Sporting Goods shares jumped as the retailer’s fiscal-second-quarter earnings came in above expectations and it raised guidance.
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Dick's Sporting Goods  (DKS) - Get Dick's Sporting Goods, Inc. Report shares jumped on Wednesday as the retailer’s fiscal-second-quarter earnings came in above expectations and it raised guidance.

The Pittsburgh company is benefiting from the surge in exercise and outdoor activity that has accompanied the easing of the pandemic.

Dick’s recently traded at $130.40, up 14%. The shares had advanced 52% in the six months through Tuesday.

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In the quarter ended July 31, net income totaled $495.5 million, or $4.53 a share, up from $276.8 million, or $3.12 a share, in the year-earlier quarter.

Adjusted profit registered $5.08 a share, higher than the FactSet analyst consensus of $2.88 a share.

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Revenue climbed 21% to $3.27 billion from $2.71 billion a year earlier, topping analyst estimates of $2.84 billion. 

Same-store sales jumped 19%, compared with analysts’ forecast of 5.4%.

As for the guidance for full-year 2021, Dick’s sees profit of $11 to $11.45 a share. That’s up from its previous prediction of $7.05 to $7.68 a share.

It anticipates adjusted profit of $12.45 to $12.95 a share. That’s up from its prior projection of $8 to $8.70 a share. Analysts in the FactSet survey foresaw $8.94 a share.

The company forecast revenue of $11.52 billion to $11.72 billion for fiscal 2022. That’s up from the previous estimate of $10.52 billion to $10.81 billion. Analysts expected $10.95 billion.

In May, Dick’s reported first-quarter earnings that also beat expectations and again issued strong guidance. The company swung to net income of $3.41 a share from a net loss of $1.71 in the year-earlier quarter.