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Dick's Sporting Goods (NYSE:DKS) traded higher in early action on Wednesday after beating the estimates of analysts with its FQ2 earnings report and boosting its full-year outlook. The sporting goods retailer pointed to growth in average ticket during FQ2, gross margin expansion, and SG&A leverage.
Consolidated same store sales were up 4.5% during the quarter that ended on August 3 to top the consensus expectation for an increase of 3.5%. Total sales increased 7.8% year-over-year to $3.47 billion to beat the consensus mark of $3.07 billion. The sporting goods retailer pointed to increases in both transactions and average ticket during the quarter. The retailer's EPS mark of $4.37 was ahead of the consensus estimate of $3.86 and the $2.82 mark from a year ago.
On the balance sheet, Dick's (DKS) ended the quarter with an inventory position that was up 11% year-over-year to $3.18 billion. The company also ended the quarter with approximately $1.69 billion in cash and cash equivalents and no outstanding borrowings under its revolving credit facility.
Looking ahead, Dick's Sporting Goods (DKS) expects comparable store sales growth of +2.5% to +3.5% vs. a prior forecast for +2% to +3%. Full-year non-GAAP EPS of $13.55 to $13.90 (midpoint $13.725) is anticipated vs. $13.79 consensus. "Our strong second quarter demonstrated the continued success of our long-term strategies and how DICK'S is truly differentiated within the industry. We are very enthusiastic about the significant growth opportunities ahead of us, including House of Sport and the repositioning of our portfolio." highlighted CEO Ed Stack.
Shares of Dick's (DKS) rallied 1.74% to $236.69 in premarket action on Wednesday after the earnings report, and is now up more than 58% on a year-to-date basis.
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