Dick’s raises guidance after strong Q3 performance

Dick’s Sporting Goods has reported strong third quarter sales, delivering a 6.5% increase in comparable store revenue, and raising its full year guidance.

It is the fourth year running that comparable store sales at the 800-store retailer – a big player in the fishing market – have shown significant third quarter growth, coming on top of a 12.8% increase in 2021, 23.2% in 2020 and 6% in 2019.

Despite recessionary fears and cost of living concerns, net sales were almost $3 billion, outstripping last year’s third quarter by 7.7% and 2019’s by more than 50%.

However, net income for the period fell from last year’s $317 million to $228 million. Net income year-to-date is $808 million compared to $1,174 million in 2021, a drop of 31%.

The third quarter performance has prompted the company to raise its full-year 2022 comparative store sales guidance to a range of negative 3% to negative 1.5%, up from the previous negative 6% to negative 2%.

“We delivered an exceptionally strong third quarter,” said Dick’s President and CEO Lauren Hobart. “These results are powerful evidence of our sustainable growth story and because of our continued strong performance, quality of inventory and the confidence we have in our business, we are raising our full year outlook.”