US: Dick's Sporting Goods lifts earnings guidance
US retailer Dick's Sporting Goods has raised its full-year and fourth quarter earnings and sales guidance, after better-than-expected same store sales.
During the fourth quarter, same store sales increased by around 6%, up on earlier guidance of a 3-4% increase, and a 1.2% rise in the same period of the prior year.
"Even with the cautious consumer environment and a shorter and promotional holiday season, we generated sales well above our original expectations, maintained merchandise margin levels consistent with last year and leveraged SG&A," said chairman and CEO Edward Stack.
"We enter 2014 with a robust and growing omni-channel network and exciting merchandising opportunities, which we believe will translate into double-digit earnings growth."
Dick's Sporting Goods now expects fourth-quarter earnings per share to be $1.10 to $1.11, compared to its earlier guidance of $1.04-1.07, and up on last year's $1.03.
For the full year, adjusted earnings per share are expected to be in the range of $2.68 and $2.69, up on its previous guidance of $2.62-2.65.
Same store sales are forecast to increase 1.9%, compared to its earlier expectations of flat to a 1% increase.
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