Dick's Sporting Goods beats by $0.40, beats on revs; raises FY24 EPS and comp guidance (119.01)
- Reports Q3 (Oct) earnings of $2.85 per share, $0.40 better than the FactSet Consensus of $2.45; revenues rose 2.8% year/year to $3.04 bln vs the $2.94 bln FactSet Consensus.
- Delivered 1.7% growth in third quarter comparable store sales on top of a 6.5% increase in the third quarter of 2022.
- Co raises guidance for FY24, sees EPS of $12.00-$12.60 vs. $11.78 FactSet Consensus, compared to prior guidance of $11.50-$12.30. Sees comparable store sales growth of 0.5-2.0%, up from prior guidance of flat to +2.0%.
- "With our best-in-class athlete experience and differentiated assortment, we had a very strong back-to-school season and continued to gain market share as consumers prioritize DICK'S Sporting Goods to meet their needs. Our Q3 comps were driven by increases in both transactions and average ticket, and we delivered double-digit EBT margin on a non-GAAP basis. As a result of our strong Q3 performance, we are raising our full year outlook, which balances the confidence we have in our key strategies with an acknowledgment of the uncertain macroeconomic environment. We're excited for the upcoming holiday season and the product, service and experience we are providing to our athletes."