Why Dick's Sporting Goods Shares Are Shooting Higher Today
Portfolio Pulse from Shivani Kumaresan
Dick's Sporting Goods Inc (NYSE:DKS) reported a 7.8% year-on-year sales growth for Q4 FY23, with sales of $3.876 billion surpassing the analyst consensus of $3.796 billion. Comparable store sales rose by 2.8%, and adjusted EPS of $3.85 exceeded expectations of $3.35. Gross and operating margins expanded, and the company announced a 10% increase in its quarterly dividend to $1.10 per share. For FY24, DKS forecasts EPS of $12.85 - $13.25 and net sales of $13 billion - $13.13 billion, with comparable store sales growth of 1% - 2%. Shares surged 7.47% in premarket trading.
March 14, 2024 | 1:10 pm
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POSITIVE IMPACT
Dick's Sporting Goods reported higher than expected Q4 FY23 sales and EPS, increased its quarterly dividend by 10%, and provided a positive FY24 outlook.
The positive earnings report, exceeding analyst expectations, and the announcement of a dividend increase are likely to boost investor confidence and demand for DKS shares in the short term. The optimistic FY24 outlook further supports the potential for continued stock performance.
CONFIDENCE 95
IMPORTANCE 90
RELEVANCE 100