DICK'S Sporting Reaffirms FY23 Outlook; Q1 Results Top Estimates

(RTTNews) - While reporting financial results for the first quarter on Tuesday, sporting goods retailer DICK'S Sporting Goods Inc. (DKS) reaffirmed its earnings and consolidated same store sales guidance for the full-year 2023.

For fiscal 2023, the company continues to project earnings in the range of $12.90 to 13.80 per share and consolidated same store sales growth between flat and up 2 percent.

On average, 27 analysts polled by Thomson Reuters expect the company to report earnings of $13.44 per share for the year. Analysts' estimates typically exclude special items.

For the first quarter, net income grew to $304.65 million or $3.40 per share from $260.56 million or $2.47 per share in the prior-year quarter.

Net sales for the quarter increased 5.3 percent to $2.84 billion from $2.70 billion in the same quarter last year. Comparable store sales grew 3.4 percent, driven by a 2.7 percent increase in transactions as well as higher average ticket.

The Street was looking for earnings of $3.18 per share on net sales of $2.80 billion for the quarter.

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