Shares in Dick's Sporting Goods (NYSE:DKS) were little moved after the retailer delivered a forecast-beating performance in the third quarter and raised its full-year outlook.
Net sales of $3.06 billion were up 0.5% on a year ago and earnings per diluted share jumped 15% to $2.75, exceeding analyst expectations of $2.68.
Comparable sales rose 4.2%, well above the 1.9% growth recorded in the same period last year.
“Our strong third quarter results demonstrate the significant momentum we have in our business,” said executive chairman Ed Stack.
He highlighted investments in concepts like House of Sport and DICK'S Field House as drivers of long-term growth.
CEO Lauren Hobart said: “We had an excellent back-to-school season and continued to gain market share.”
The Pittsburgh-headquartered company raised the crosshairs of its full-year guidance, now aiming for comparable sales to grow by 3.6% to 4.2%, up from a prior range of 2.5% to 3.5%.
Earnings per share guidance was also increased to $13.65 to $13.95 from $13.55 to $13.90.
The shares, which hit an all-time high of $239 in the summer, rose initially on Tuesday's results before sliding into the red at $213.