DICK'S Sporting (DKS) Up 19% On Q3 Earnings Beat & Upbeat View
Zacks Investment Research | Nov 26, 2019 10:03PM ET
DICK'S Sporting Goods, Inc. (NYSE:DKS) delivered robust third-quarter fiscal 2019 results, wherein earnings and sales surpassed the Zacks Consensus Estimate and also grew year over year.
Quarterly results gained from solid same-store sales (comps) performance. Comps were driven by higher average ticket and transactions coupled with growth at each of its three major categories — hardlines, apparel and footwear. Its brick and mortar stores also delivered positive comps and e-commerce business remained strong in the reported quarter. Notably, the company witnessed broad-based improvement in its business and remains optimistic about the holiday season.
As a result, management raised its fiscal 2019 view. The company now expects adjusted earnings of $3.50-$3.60 per share, up from the earlier guided view of $3.30-$3.45. The Zacks Consensus Estimate for fiscal 2019 earnings stands at $3.39, which is likely to witness upward revisions in the coming days. Further, consolidated comps are projected to increase 2.5-3% versus the earlier expectation of low-single digits growth and a 3.1% decline in fiscal 2018.
Driven by these positives, shares of the company gained 18.6% on Nov 26. Moreover, this Zacks Rank #3 (Hold) stock has surged 39.2% in the past three months against the Original post
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