Dick’s Sporting Goods Inc. stock slid 3.7% in premarket trade Tuesday, even after the retailer topped estimates for the third quarter with positive same-store sales and an upbeat outlook. The company posted net income of $228 million, or $2.45 a share, for the quarter, down from $317 million, or $2.78 a share, in the year-earlier period. Adjusted per-share earnings came to $2.60, ahead of the $2.27 FactSet consensus. Sales climbed to $2.959 billion from $2.748 billion, also ahead of the $2.702 billion FactSet consensus. Same-store sales rose 6.5%, while FactSet expected a decline of 2.2%. “Because of our continued strong performance, quality of inventory and the confidence we have in our business, we are raising our full year 2022 outlook,” Chief Executive Lauren Hobart said in a statement. Dick’s is now expecting full-year adjusted EPS of $11.50 to $12.10 and same-store sales to be down 3% to down 1.5%. The FactSet consensus is for EPS of $11.51 and same-store sales to be down 3.5%. Shares have fallen 7% in the year to date, while the S&P 500 has fallen 17%.
Market Pulse Stories are Rapid-fire, short news bursts on stocks and markets as they move. Visit MarketWatch.com for more information on this news.