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Dick’s Sporting Goods (DKS) +15% after smashing Q2 forecasts
Retail company Dick’s Sporting Goods (DKS) made huge gains in New York in midweek after it breezed past Wall Street forecasts in fiscal Q2 following a 21% spike in sales.
Dick’s Sporting Goods (DKS) was one of the biggest gainers on the New York Stock Exchange on Wednesday after a fiscal Q2 blowout and raised guidance saw its shares soar 15.38% to $131.90.
Early in the day, Dick’s posted $5.08 earnings per share for the three months to 31st July, comfortably surpassing the $2.80 Wall Street consensus as net income jumped 80% to more than $495m.
Revenue also advanced 21% year-over-year to $3.27bn to trump the $2.84 forecast following strong sales of its sports clothing and outdoor equipment.
Like many retailers, Dick’s thrived during the pandemic, but there are no signs that growth is waning amid the winding down of restrictions.
On the contrary, overall sales were 45% up on the figure from Q2 2019 as management spoke of its continued efforts to “reimagine the athlete experience”.
Chairman Ed Stack added: “We said 2021 was going to be the most transformational year in our history, and so far, it certainly has been.”
Dick’s is now confident of hitting full-year adjusted earnings of up to $12.95 per share, which is a sizable hike from the previous guidance of $8 to $8.70 while comparing favourably with the $8.94 consensus.
Revenue got a similar upgrade, this time from a maximum of $10.81bn to $11.72bn versus the $10.95bn analyst expectations.
The latest beats follow on from an impressive Q1 when Dick’s rebounded to a net income of $3.41 per share.
Central to the firm’s recent success has been a more diverse e-commerce channel and its enthusiast appeal following the opening of a huge store in New York with a rock climbing wall and track and turf field.
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