From CNBC: 2024-09-04 07:29:59

Dick’s Sporting Goods exceeded Wall Street’s earnings expectations in the fiscal second quarter. Net income rose to $362 million, with $4.37 earnings per share and $3.47 billion in revenue. Comparable sales grew 4.5%. Despite the positive results, new full-year guidance failed to meet expectations, raising diluted earnings per share to $13.55-$13.90.

The company did increase sales guidance to $13.1-$13.2 billion and raised projections for comparable sales growth to 2.5%-3.5%. Dick’s was recently hit by a cyberattack but stated it didn’t disrupt operations. Last year’s profit woes from theft and markdowns appear resolved with the strong earnings beat. Other retailers have reported reductions in shrink. Retailers have concerns regarding the upcoming election’s impact on consumer spending and the Federal Reserve’s rate cut.



Read more at CNBC: Dick’s Sporting Goods (DKS) earnings Q2 2024