Dick’s Sporting Goods Inc. beat analysts’ estimates for the fourth quarter and gave a full-year profit outlook ahead of projections, suggesting demand for athletic gear and apparel remains strong even as consumers retreat from other discretionary categories.
(Bloomberg) — Dick’s Sporting Goods Inc. beat analysts’ estimates for the fourth quarter and gave a full-year profit outlook ahead of projections, suggesting demand for athletic gear and apparel remains strong even as consumers retreat from other discretionary categories.
The largest US sporting-goods retailer said it expects to report earnings of $12.90 to $13.80 a share for the year ending in January 2024, excluding some items and including 20 cents for a 53rd week. Analysts expected $12.03 a share.
Fourth-quarter adjusted earnings of $2.93 a share edged past the average estimate of $2.92.
“Our consistent performance and financial strength position us to increase the rate of investment in our business to fuel long-term growth opportunities, and also return significant capital to shareholders,” Chief Executive Officer Lauren Hobart said in a statement Tuesday.
Along those lines, the Coraopolis, Pennsylvania-based company more than doubled its quarterly dividend to $1 a share, outpacing Bloomberg’s estimate of 53.75 cents.
The shares rose as much as 5.9% in early trading. Dick’s has been one of the best-performing stocks of the pandemic era, up more than sevenfold since late March 2020.
More stories like this are available on bloomberg.com
©2023 Bloomberg L.P.