DICK'S Sporting Goods Inc. (DKS) has announced its financial results for the second quarter, revealing significant updates to its full-year 2024 earnings and consolidated same-store sales growth projections while maintaining its annual sales outlook.
For fiscal year 2024, the company now anticipates earnings between $13.55 and $13.90 per share, on net sales ranging from $13.1 billion to $13.2 billion. It expects consolidated same-store sales to grow between 2.5% and 3.5%.
This is an upward revision from the previously expected earnings range of $13.35 to $13.75 per share, with net sales projected between $13.1 billion and $13.2 billion, and consolidated same-store sales expected to grow between 2% and 3%.
Analysts surveyed by Thomson Reuters estimate that the company will report earnings of $13.79 per share on net sales of $13.23 billion for the year, typically excluding special items.
In the second quarter, net income soared to $362.23 million, or $4.37 per share, up from $244.33 million, or $2.82 per share, in the same period last year. Net sales for the quarter increased by 7.8% to $3.47 billion, compared to $3.22 billion in the corresponding quarter of the previous year, with comparable store sales rising by 4.5%.
The market had anticipated earnings of $3.83 per share on net sales of $3.44 billion for the second quarter.
Additionally, DICK'S Sporting Goods' Board of Directors on Tuesday authorized and declared a quarterly dividend of $1.10 per share on both the Company's common stock and Class B common stock. This dividend will be payable in cash on October 4, 2024, to stockholders of record as of the close of business on September 20, 2024.
