Dick's Sporting Goods posted better-than-expected numbers for its fiscal second quarter and tweaked its full-year guidance to reflect the beat.
The company posted net earnings of $318.4 million, or $3.25 a share, for the quarter to July 30, down from $495.5 million, or 4.53 a share, in the year-earlier period. Adjusted per-share earnings came to $3.68, ahead of the $3.59 FactSet consensus. Sales edged down to $3.112 billion from $3.275 billion a year ago, but were also ahead of the $3.065 billion FactSet consensus. Same-store sales fell 5.1%, ahead of the FactSet consensus for a decline of 6.9%.
"We are very pleased with our second quarter results, and with our sales up 38% versus Q2 2019, the DICK'S Sporting Goods consumer has held up quite well," CEO Lauren Hobart said in a statement.
"Our inventory is healthy and well-positioned, and we are excited about our assortment for the back-to-school season. We are raising our full year 2022 outlook, which continues to incorporate an appropriate level of caution given today's uncertain macroeconomic environment."
The company is now expecting full-year same-store sales to fell 6% to 2%, compared with prior guidance of down 8% to down 2%. It expects full-year EPS of $8.85 to $10.55, up from prior guidance of $7.95 to $10.15. The company expects full-year adjusted EPS of $10.00 to $12.00, up from prior guidance of $9.15 to $11.70.
Shares were up 1.3% premarket, but have fallen 4% in the year to date, while the S&P 500 has fallen 13%.
