By Sam Boughedda
Dick's Sporting Goods (NYSE:DKS) jumped Tuesday on the back of its third quarter earnings release, which saw it top consensus estimates.
Dick's Sporting Goods shares are up 5.5%, adding to its recent gains.
The sports equipment retailer posted earnings of $2.45 on revenue of $2.96 billion, topping consensus estimates of earnings of $2.20 per share on revenue of $2.67 billion.
Comparable store sales rose 6.5%, compared to a 12.8% increase in the third quarter of 2021.
Looking ahead, the company sees raised its full-year 2022 adjusted earnings per share guidance to $11.50 to 12.10, up from $10 to 12, while full-year 2022 comparable store sales guidance is now expected to be between -3% to -1.5%, up from -6% to negative -2%.
DKS declared a quarterly dividend of $0.4875 per share.
Following the report, Stifel analysts maintained a Hold rating and $100 price target on the stock, stating, "DKS FY3Q shows continued revenue momentum with revenue $257mn above consensus (~9% upside) and adj. EPS $0.33 above consensus (~15% upside). We await category commentary but expect footwear and apparel was a source of strength validating growing back to school relevance."