Dick’s Sporting Goods (NYSE:DKS) on Tuesday reported profits and sales growth in its holiday quarter that topped analysts’ estimates, as the company laps massive gains from the prior year that were fueled by pandemic purchases of outdoor equipment and fitness accessories.
The sporting goods giant offered a better-than-expected forecast for 2022 earnings and same-store sales, which it says sets a baseline for future growth coming out of COVID-19.
Chief Executive Lauren Hobart said Dick’s continues to see robust consumer demand. “Our 2022 sales and earnings outlook establishes a new foundation for us to build on in the future,”
Dick’s reported net income for the three-month period ended Jan. 29 of $346.1 million, or $3.16 per share, compared with income of $219.6 million, or $2.21 a share, a year earlier.
Excluding one-time items, Dick’s earned $3.64 per share, topping estimates for per-share earnings of $3.43.
Revenue grew 7.3% to $3.35 billion from $3.13 billion a year earlier. That topped estimates for $3.31 billion. On a two-year basis, Dick’s said isales climbed 28.5%.
DKS began the trading day ahead $5.74, or 5.8%, to $105.24.