Dick’s Sporting Goods (NYSE:DKS) reported its share price advanced on Tuesday, as the sporting goods retailer reported better-than-expected third-quarter profit and revenue and an unexpected increase in comparable store sales. The company also raised its full-year forecast.
Net sales proved to be $2.959 billion, compared to $2.748 in the prior-year quarter. Net income proved to be $228 million, compared to $317 million in the prior-year quarter.
According to Executive Chairman Ed Stack, "Our Q3 results demonstrate the continued success and strength of our transformational journey. Our
strategies continue to work as we reimagine the athlete experience and offer a compelling and differentiated assortment as well as a best-in-class omni-channel ecosystem. I'd like to thank all our teammates for their hard work and unwavering dedication to our business."
CEO Lauren Hobart had this to say, “"We delivered an exceptionally strong third quarter with our comps increasing 6.5% and EBT margin of 10.3%, which was over three times our 2019 non-GAAP rate. DICK'S is a growth company, and our Q3 sales results are powerful evidence of our sustainable growth story. Because of our continued strong performance, quality of inventory and the confidence we have in our business, we are raising our full year 2022 outlook."
On Monday, the Company's Board of Directors authorized and declared a quarterly dividend of $0.4875 per share on the Company's Common Stock and Class B Common Stock. The dividend is payable in cash on December 30, to stockholders of record at the close of business on December 9.
DKS shares gained 72 cents to $107.66.
