DICK'S Sporting Goods (NYSE:DKS) shares slid on Wednesday despite the sporting goods retailer’s second quarter earnings topping expectations.
For the quarter ended August 3, 2024, the company posted earnings per share (EPS) of $4.37, firmly ahead of the consensus $3.77 and up 55% from $2.82 in the year-ago quarter.
Sales were up 7.8% year-over-year $3.47 billion, in line with Street estimates.
DICK’S also raised its full-year sales guidance, now expecting growth in the range of 2.5% to 3.5%, up from its earlier guidance of 2% to 3%.
It also guided EPS in the range of $13.55 to $13.90 up from its prior range of $13.35 to $13.75.
“Powered by our compelling omni-channel athlete experience, differentiated product assortment, best-in-class teammate experience and our ability to create deep engagement with the DICK'S brand, we are driving sustained top-line momentum and gaining market share,” CEO Lauren Hobart commented.
“Because of our strong Q2 performance and the confidence we have in our business, we are again raising our full-year outlook."
But its strong quarterly performance and improved outlook were not enough to impress investors after Tuesday’s market rout, with shares of DICK’S trading down 6.7% at $216.62 late morning on Wednesday.