Dick’s Sporting Goods Raises 2024 Outlook

The Pennsylvania based sportswear powerhouse, Dick’s Sporting Goods, raised its 2024 outlook after slightly higher than expected revenues for Q3 2024.

Founded back in 1948 by Richard “Dick” Stack in Binghamton, New York as a fishing tackle store Dick’s Sporting Goods has grown to become one of the biggest sporting goods retailers in the USA. Boasting 700 plus stores across the USA, Dick’s have a long history across the East Coast with previous collaborations with Nike & Philadelphia Eagles wide receiver, DeVonta Smith, as well as working with local sports initiatives such as the Boston Athletics Association. After previously beating Q2 2024 expectations back in September, yesterday the East Coast based sporting goods store also announced stronger than expected Q3 revenues thanks to a successful back to school season and “powerful omni-channel experience”.

 

 

Dick’s Sporting Goods reported Q3 revenues of $3.06 billion, an increase of 0.5% compared to the same quarter last year. Revenue was also slightly above above the $3.03 billion forecasted by analysts. Earnings per diluted share were $2.75 which were up 15% from last year and above analysts expectations of $2.69. Like for like store sales were up 4.2%. Dick’s Sporting Good also raised its full year 2024 outlook and now expects net sales to be between $13.2 billion & $13.3 billion. Earnings per diluted share are expected to be between $13.65 and $13.95, like for like sales are projected to grow between 3.6% and to 4.2%. Dick’s Sporting Goods currently has 727 stores across the USA as well as 17 House of Sport stores.

Our strong third quarter results demonstrate the significant momentum we have in our business. We continue to make strategic investments such as our House of Sport and Dick’s Field House concepts, where we are redefining sports retail and creating strong engagement with our athletes, brand partners and communities, that will fuel our long-term growth. Sport continues to have a strong influence on culture, and culture on sport, and our House of Sport concept is uniquely positioned to meet the needs of athletes as they look for the best of performance as well as the lifestyle of sport.

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Lauren Hobart – CEO Dick’s Sporting Goods

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