While reporting financial results for the second quarter on Tuesday, sporting goods retailer DICK’S Sporting Goods Inc. (DKS) raised its earnings guidance for the full-year 2023 to reflect second quarter results and gross margin expectations for the second half of the year. Consolidated same store sales outlook is reaffirmed.<\/p>\n
For fiscal 2023, the company now projects earnings in a range of $11.33 to $12.13 per share and adjusted earnings in a range of $11.50 to $12.30 per share. Previously, the company expected earnings in the range of $12.90 to 13.80 per share.<\/p>\n
However, consolidated same store sales growth is reaffirmed to be between flat and up 2 percent.<\/p>\n
On average, 27 analysts polled by Thomson Reuters expect the company to report earnings of $13.49 per share for the year. Analysts’ estimates typically exclude special items.<\/p>\n
For the second quarter, net income declined to $244.33 million or $2.82 per share from $318.50 million or $3.25 per share in the prior-year quarter.<\/p>\n
Net sales for the quarter increased 3.6 percent to $3.22 billion from $3.11 billion in the same quarter last year. Comparable store sales grew 1.8 percent, driven by a 2.8 percent increase in transactions and continued market share gains.<\/p>\n
The Street was looking for earnings of $3.81 per share on net sales of $3.23 billion for the quarter.<\/p>\n
On Monday, the Company’s Board of Directors authorized and declared a quarterly dividend in the amount of $1.00 per share on the Company’s common stock and Class B common stock, payable in cash on September 29, 2023 to stockholders of record at the close of business on September 15, 2023.<\/p>\n