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Dick's Sporting Goods Stock Falls; Q3 Earnings Beat, Guidance Raised

Dick's Sporting Goods topped analysts' third quarter earnings and revenue estimates.
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Shares of Dick's Sporting Goods  (DKS) - Get Dick's Sporting Goods, Inc. Report were lower after the sporting-goods and outdoor retailer reported better-than-expected fiscal-third-quarter earnings. 

For the quarter ended Oct. 30 the Pittsburgh company reported earnings of $3.19 a share on revenue of $2.75 billion. Analysts surveyed by FactSet were expecting earnings of $2.06 a share on revenue of $2.5 billion. 

Same-store sales rose 12.2% in the  quarter, compared with the FactSet

"As we said before, we believe this will be the most transformational year in our history, and we expect to continue this transformation into 2022," said Ed Stack, executive chairman, in a statement.

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For all of fiscal 2022, Dick's is guiding for earnings between $14.60 and $14.80 a share compared with the FactSet survey's expectations of $13.41 a share.

The company expects revenue between $12.12 billion and $12.19 billion compared with analyst expectations of $11.85 billion. 

"Our fourth quarter is off to a strong start, and we are pleased to increase our full year outlook for the third time this year. Looking ahead, we remain very confident in the longer-term prospects of our business," Chief Executive Lauren Hobart said. 

Dick's shares at last check eased 3.3% to $135.70. The stock touched a 52-week high above $147 in early September.

Earlier this month, Dick's unveiled a distribution partnership with Nike  (NKE) - Get NIKE, Inc. (NKE) Report. The deal will enable customers to access products, experiences and offers by connecting the Dick's Scorecard and Nike membership accounts through the Dick's mobile app, the companies said.