DICK'S Sporting Goods Q2 Profit, Sales Beat Estimates; Raises Annual Earnings Outlook

Dick's Sporting Goods

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(RTTNews) - DICK'S Sporting Goods, Inc. (DKS) Thursday reported net income of $381.40 million or $4.71 per share for the second quarter, higher than $362.23 million or $4.37 per share in the same quarter a year ago, primarily due to increase in sales as well as other income.

Excluding one-time items, adjusted earnings were $355 million or $4.38 per share, that beat the average analysts' estimate of $4.30 per share. Analysts' estimates typically exclude special items.

Other income was $73.75 million, up from $25.76 million in the prior year.

Income from operations, however, decreased to $452.19 million from $470.09 million last year.

Sales for the quarter grew to $3.647 billion from $3.474 billion in the previous year. The consensus estimate was for $3.61 billion.

The company also raised its full-year earnings per share outlook to $13.90 - $14.50, from $13.80 - $14.40. The Street is looking for EPS of $14.37.

Full-year comparable sales growth outlook has been raised to 2.0% -3.5%, from 1%-3%.