Dick’s Sporting Goods (NYSE: DKS) reported second-quarter earnings that topped analysts expectations and boosted its financial outlook for the year. The retailer now anticipates comparable sales for 2022 to fall anywhere between 6% to 2%, though it had previously forecast a dip between 8% and 2%.
The American sporting goods retailer reported earnings of USD3.68 per share, compared to the expected USD3.58 a share. Revenue amounted to USD3.11 Billion, higher than analysts anticipated USD3.07 Billion. During the quarter, net sales fell 5% from the previous year, meanwhile comparable sales declined 5.1%.
“Our second quarter performance demonstrates the strength of our core strategies and the foundational improvements we have made across our business over the past five years. In fact, we delivered approximately the same EBT in Q2 as we did in all of fiscal 2019. The state of our industry is strong, and we remain in a great lane. DICK’S is the clear market leader, and as a result of our transformation, we are well-positioned to extend our lead and deliver long-term sales and earnings growth,” stated Executive Chairman Ed Stack.
In an interview Stack detailed that demand for Dick’s merchandise in the “highs and lows of the economy” and noted an example of a 10 year old girl in need of bigger sneakers for soccer.
“You don’t walk up to her, put your arm around her go, ‘Hey, honey, you know what? Put on your old cleats, curl up your toes and go play soccer.’ You go buy a new pair of cleats,” he said.
Dick’s revealed that its inventory level was healthy and in good standing for the back-to-school season.