Published
November 26, 2024
Dick’s Sporting Goods Inc. raised its full-year sales outlook after posting strong results in the back-to-school season ahead of the holidays, spurred by high demand for sports gear.
The retailer now expects net sales to reach as much as $13.3 billion this fiscal year, with comparable store sales, a key retail metric, rising between 3.6% and 4.2%. It sees earnings per diluted share at a range of $13.65 to $13.95.
Chief Executive Officer Lauren Hobart has been transforming her store network through renovations and relocations, boosting spending on both physical shops and online operations. Dick’s is aggressively expanding its House of Sport concept — stores outfitted with amenities such as climbing walls and batting cages.
Hobart said in a statement that Dick’s had an “excellent back-to-school season” and gained market share. Comparable store sales jumped 4.2% for the quarter ended Nov. 2, much higher than the 2.5% rise analysts had predicted.
Shares rose 6.4% in premarket trading on Tuesday morning. The stock had been up 46% this year through Monday’s close.
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