Daly City, California – Dick’s Sporting Goods announced a positive outlook for the full year after what CEO Lauren Hobart described as a successful back-to-school shopping season and better-than-expected sales in the third quarter. The company is forecasting a growth in same-store sales for fiscal 2024, surpassing previous estimates and Wall Street expectations.

The sporting goods retailer exceeded projections for both revenue and earnings per share, indicating a promising holiday shopping season ahead. This optimistic guidance comes after a cautious initial outlook at the start of the year, before the 2024 election. Dick’s reported a net income of $228 million for the three-month period ending Nov. 2, with earnings per share of $2.75 – higher than the anticipated $2.68.

Sales for the quarter reached $3.06 billion, slightly up from the previous year. The company emphasized the strong performance in Q3, with a 4.2% growth in comparable sales driven by strategic focus and team execution. CEO Lauren Hobart expressed confidence in the business’s continued success and raised the full-year outlook as a result.

Despite challenges faced by other retailers due to weather impacts, Dick’s reported no such issues affecting its sales performance. The company’s robust back-to-school shopping season led to a 4.2% growth in comparable sales, exceeding analyst expectations. This success prompted Dick’s to raise its sales and earnings guidance for the full year, with expectations of hitting between $13.2 billion and $13.3 billion in sales.

The revised forecast anticipates earnings per share between $13.65 and $13.95, showcasing the company’s confidence in its differentiated product offerings and omni-channel experience resonating well with consumers. With a strong emphasis on strategic pillars and exceptional team execution, Dick’s Sporting Goods is poised to capitalize on the upcoming holiday season amidst a backdrop of positive momentum.