DICK'S Sporting Goods Q2 Profit Beats Estimates, Increases Guidance; Stock Up

(RTTNews) - DICK'S Sporting Goods, Inc. (DKS) said it achieved record-breaking quarterly sales and earnings for the second quarter of 2021 significantly exceeding its expectations, reflecting continued strong consumer demand. The company increased its full year sales and earnings outlook.

Second quarter non-GAAP earnings per share was $5.08, compared to $3.21, a year ago. On average, 24 analysts polled by Thomson Reuters expected the company to report profit per share of $2.70, for the quarter. Analysts' estimates typically exclude special items.

Consolidated net income was $495.5 million, or $4.53 per share, for the second quarter. Net sales were $3.27 billion, up 20.7% from last year. Consolidated same store sales rose 19.2%, for the quarter. Analysts expected revenue of $2.82 billion, for the quarter.

For fiscal 2021, the company now expects non-GAAP earnings per share in a range of $12.45 to $12.95, and net sales in a range of $11.52 billion to $11.72 billion. Consolidated same store sales are anticipated to increase in the range of 18.0% to 20.0%. Analysts expect the company to report profit per share of $9.01 on revenue of $10.90 billion.

DICK'S Sporting Goods plans to open six new DICK'S Sporting Goods stores and eight specialty concept stores in 2021. It expects to relocate 11 DICK'S Sporting Goods stores in 2021. The company also plans to repurchase a minimum of $400 million of common shares in 2021, an increase of $200 million from its prior guidance.

Shares of DICK'S Sporting Goods were up 12% in pre-market trade on Wednesday.