Dick’s Sporting Goods boosts 2022 outlook after second-quarter earnings top estimates

Cars are seen parked in front of a Dick’s Sporting Goods store at Monroe Marketplace in Pennsylvania.

The financial outlook for the year was boosted by Dick's Sporting Goods, which reported earnings and revenue that exceeded analysts' expectations.

Comparable store sales are now expected to decline between 2% and 6%. It had previously predicted that the figure would be down between 8% and 2%.

The shares were up 2% before the market opened.

Dick's now expects adjusted earnings per share to be between $10 and $12. That is up from its previous prediction of $11.70

Net sales for the quarter were up from the same time last year. Ed Stack said results show the company wasn't just a beneficiary of higher sales during the Pandemic, but reflect the structural changes it made a long time ago.

Here is what the company reported compared with what Wall Street was expecting.

• Earnings per share: $3.68, adjusted, vs. $3.58 expected
• Revenue: $3.11 billion vs. $3.07 billion expected

Net sales fell from a year ago while comparable store sales fell.

In an interview with CNBC, Stack noted the demand for Dick's products in the "highs and lows of the economy."

Put your arm around her and say, 'Hey, honey, you know what?'. Go play soccer and put on your cleats. He told them to buy a new pair of cleats.

The company said that it was well-stocked for the back to school season.

Stack told CNBC that there were some trailers that were backed up. The majority of that will be cleaned up by the second week of September.

This report was contributed to by CNBC.