Kevin DonovanDick’s Sporting Goods reported $2.78 earnings per share on $2.75bn (£2.05bn) in revenue, topping analysts’ estimates of $2.04 EPS on $2.50bn in revenue.
Net income totalled $316.5m, up 78.6% from 3Q 2020’s $177.2m income amid Covid-19 retail outlet closures.
Shares of the Pittsburgh, Pennsylvania-based sporting goods retailer fell 8.14% after the opening bell on Tuesday to $128.86 after moving 5.01% lower in pre-market trading, versus Monday’s $140.28 closing share price. Dick’s trades on the NYSE under the ticker DKS.
“As we said before, we believe this will be the most transformational year in our history, and we expect to continue this transformation into 2022,” said Dick’s executive chair Ed Stack in a statement. “Consumer demand remained strong, and our differentiated product assortment continued to drive exceptional sales and merchandise margin momentum.”
Full-year outlook raised
Additionally, Dick’s raised its full-year 2021 outlook to $12.88 to $13.06 per share earnings on $12.12bn to $12.19bn in revenue. The revised revenue expectations would represent a 27% increase over full-year 2020 revenue.
Dick’s increased its inventory 7.30% quarter over quarter and had $1.37bn cash on hand as well as no outstanding balance on a $1.85bn credit facility.
While online sales rose just 1% from the comparable year-ago quarter, Dick’s CEO Lauren Hobart noted, online sales rose 97% from 2019.
Read more: Dick’s has record quarter on “fundamental shift” in demand
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