Cars are parked in front of a store at a shopping center.
The sporting goods giant hiked its annual forecast again after reporting fiscal third-quarter earnings and sales that exceeded analysts' expectations.
The company's broad assortment of products allowed it to meet many shoppers' needs, as evidenced by the strong consumer demand after the summer season and back-to-school rush.
Its shares were down more than 2% in extended trading.
According to a poll compiled by Refinitiv, Dick's did better than analysts were expecting in the third quarter.
The adjusted earnings per share was $3.19
Revenue was $2.75 billion vs. $2.50 billion expected.
Net income in the three-month period was up from a year earlier.
It earned $3.19 per share, which was better than the $1.97 that analysts had been expecting.
Revenue increased to $2.75 billion from $2.41 billion a year earlier. That was above expectations of $2.50 billion.
Same-store sales, which show revenue at stores open for at least a year, rose 12.2%. StreetAccount had predicted a gain of 1.9%.
Dick's said that online sales rose 1% from a year earlier, when consumers were more likely to shop online. E-commerce sales made up more than 20% of its total business.
Dick's has invested in its business to keep shoppers coming back for more, as its sales have accelerated and new customers have shopped its website and stores. In March, it launched a men's brand. In April, it opened its largest store yet, called House of Sport, in a suburb of Rochester, New York. The store has a rock climbing wall, a green shop, and a track and turf field outside.
In August, it announced a tie-up with Nike. Dick's customers can now shop for exclusive Nike shoes and apparel on the Dick's website through Nike's membership program.
Dick's expects to earn between $12.88 and $13.06 per share on sales of between $12.12 billion and $12.19 billion. Dick's said it would earn 14.60 and 14.80 per share after adjusting for Covid-19 expenses.
The previous estimate was for full-year adjusted earnings to be between $12.50 and $12.90 per share, on sales of $11.52 billion to $11.72 billion.
The analysts had been looking for adjusted earnings per share of $13.13 on sales of $11.84 billion.
Dick's shares have been on a tear this year, rising nearly 150% year to date. Its market value is over $12 billion.
The full earnings release from Dick's Sporting Goods can be found here.
