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Dick’s Sporting Goods Reports Strong Earnings Despite Sluggish Sports Apparel Market


Nov 21, 2023

Dick’s Sporting Goods reported strong third-quarter earnings in a sports apparel and footwear market fraught with uncertainty. Net sales rose by 2.8% to $3.04 billion, and adjusted earnings per share increased by 10% to $2.85, outperforming analyst projections and reversing a previous August report.

The company also raised its full-year 2023 outlook in comparable store sales and earnings, offering a glimmer of hope amid a disappointing quarter for other sports apparel and footwear retailers such as Nike, Under Armour, Adidas, and Puma. Despite a 24% stock plunge in August, Dick’s stock rose nearly 7% in early trading on the New York Stock Exchange following the report.

Despite the positive report, the company is cautiously optimistic about the holiday shopping season. Dick’s president and CEO, Lauren Hobart, mentioned potential uncertainty in the macroeconomic environment and the challenges consumers are facing. She expressed excitement about the holiday season and the company’s ability to provide a great experience for shoppers while also maintaining a sense of caution.

By Editor

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