Dicks Sporting Goods reported better-than-expected second-quarter results and adjusted its full-year estimates to reflect the figures.
The company reported net profit of $318.4 million, or $3.25 per share, for the quarter to July 30, down from $495.5 million, or $4.53 per share, a year ago.
Adjusted earnings per share came in at $3.68 versus estimates of $3.59. Sales fell to $3.112 billion from $3.275 billion a year ago, but also beat estimates of $3.065 billion.
Comparable sales fell 5.1% versus estimates for a 6.9% decline. “We are very pleased with the second quarter results and with our sales up 38% compared to the second quarter of 2019, with the sportswear segment holding up well,” CEO Lauren Hobart said in a statement.
“We are upgrading our full-year 2022 estimates, which continue to incorporate the appropriate level of caution given the uncertain macroeconomic environment.”
The company now expects comparable sales to fall 6%-2%, versus a previous estimate of a decline of 8%-2%.
It expects earnings per share of $8.85-$10.55, versus estimates of $7.95-$10.15. It expects adjusted earnings per share of $10-$12, up from a previous estimate of $9.15-$11.70.
The stock is up 1.1% pre-conference.
Source: Capital
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