FX.co ★ DICK'S Sporting Boosts FY24 Outlook As Q1 Results Top Estimates

On Wednesday, DICK'S Sporting Goods Inc. (DKS) announced its financial results for the first quarter, simultaneously revising its full-year 2024 earnings, net sales, and consolidated same store sales growth outlook.

For fiscal 2024, the sporting goods retailer now anticipates earnings per share (EPS) ranging between $13.35 and $13.75 on net sales estimated to be between $13.1 billion and $13.2 billion. The company also projects consolidated same store sales growth of 2 to 3 percent.

This updated guidance reflects an improvement over previous projections, which set EPS between $12.85 and $13.25, net sales from $13.0 billion to $13.13 billion, and same store sales growth between 1 to 2 percent.

Analysts surveyed by Thomson Reuters forecast earnings of $13.24 per share on net sales of $13.16 billion for the year, typically excluding special items.

In the first quarter, DICK'S Sporting Goods recorded a net income of $275.30 million, or $3.30 per share, compared to $304.65 million, or $3.40 per share, in the same period the previous year.

Quarterly net sales saw a significant increase of 6.2 percent, reaching $3.02 billion from $2.84 billion in the corresponding quarter last year. Comparable store sales experienced a growth of 5.3 percent.

Market expectations for the quarter were earnings of $2.95 per share on net sales of $2.94 billion.

Moreover, on Tuesday, the Board of Directors authorized and announced a quarterly dividend of $1.10 per share on common stock and Class B common stock. This dividend will be payable in cash on June 28, 2024, to shareholders of record as of the close of business on June 14, 2024.