US: Dick's Sporting Goods ups view as Q3 profit jumps 21%
- Q3 net income surged 21% to $50.1m from $40.2m
- Net sales rose 11.2% to $1.3bn
- Consolidated same store sales up 5.1%
Retailer Dick's Sporting Goods Inc has raised its full-year earnings forecast after booking a 21% jump in third quarter profit.
The company, which claims to be the largest US-based full-line sporting goods retailer, lifted its full-year earnings per share outlook to $2.53 to $2.55, with same-store sales seen rising about 5%.
For the fourth quarter, it raised the lower end of earnings forecasts to a range of $1.03 to $1.05 on same-store sales growth of about 4%. This compares to earlier guidance of $1.01 to 1.05 per share.
"We generated record results in the third quarter, exceeding our original sales and earnings expectations," said chairman and CEO Edward Stack.
"By growing our store base, partnering with our brands, aggressively building out our omni-channel capabilities and executing our strategic marketing plan, we are driving continued profitable growth."
Same-store sales in the three months to 27 October rose 5.1%, with gains of 3.9% at Dick's Sporting Goods stores, 2.3% at Golf Galaxy and a 46.7% in the eCommerce business.
The company operates 511 Dick's Sporting Goods stores and 81 Golf Galaxy stores.
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