Dick’s Sporting Goods surprised everyone with stronger-than-expected third-quarter earnings, despite the sports apparel and footwear market experiencing a downturn. The company reported a 2.8% increase in net sales to $3.04 billion and a 10% rise in adjusted earnings per share to $2.85. These numbers were higher than what analysts had predicted and reversed a trend from August when the company’s report missed Wall Street expectations for the first time in three years.
Dick’s Sporting Goods also increased its full-year 2023 outlook for comparable store sales and earnings, amidst a third-quarter earnings season that saw revenue declines or missed expectations from other major players in the industry like Nike, Under Armour, Adidas, and Puma.
The company’s CEO, Lauren Hobart, expressed hope in the future, saying, “Our consumer is not trading down [to lower-quality merchandise], and our consumers have actually held up very, very well.” As a result of the strong earnings report, Dick’s stock saw a nearly 7% increase in early trading on the New York Stock Exchange