Dick’s Sporting Goods has raised its full-year outlook following strong third-quarter earnings and favorable projections for Q4 2021.
The retailer expects full-year same-store sales to increase between 25.8% to 26.1%, up from a previous target between 24% and 25%.
Dick’s also expects adjusted earnings in Q4 to range between $3.45 and $3.55 per share, up from analysts’ forecasts of $2.92 per share.
Dick’s has been fairly aggressive with its moves over the past year.
- In March, the company launched VRST, a men’s athleisure brand, at 400 brick-and-mortar locations.
- A month later, it opened its 100,000 square foot “House of Sport” location in Victor, New York.
- In November, the company announced a deal with Nike, linking the brands’ respective membership and loyalty programs.
Strong Performance
Dick’s posted $2.75 billion in net sales in Q3 2021, a 13.9% year-over-year increase. Consolidated net income reached $316.5 million for the three months ending Oct. 31, 2021, up from $177.2 million in net income for the same period a year prior.
The company spent roughly $15 million on COVID-related safety costs during the 39 weeks ending Oct. 30, 2021 — but ended Q3 2021 with roughly $1.37 billion in cash or cash equivalents.
