Dick's Sporting Goods 3Q net income rises 21 pct.
PITTSBURGH (AP) — Dick's Sporting Goods Inc. said Tuesday its third-quarter net income rose 21 percent, boosted by a big jump in online sales.
For the quarter ended Oct. 27, the Pittsburgh-based retailer earned $50.1 million, or 40 cents per share, up from $41.5 million, or 33 cents per share, in the same quarter last year. Excluding one-time items, adjusted profit was 32 cents per share.
Revenue rose 11 percent to $1.31 billion.
Analysts, on average, expected 37 cents per share on $1.3 billion in revenue, according to FactSet.
Revenue at stores open at least a year rose 5.1 percent. The metric is a key measure of a retailer's health, because it excludes revenue from stores that recently opened or closed.
That increase stemmed from a 46.7 percent jump in online sales. Sales grew 3.9 percent at Dick's Sporting Goods stores and 2.3 percent at Golf Galaxy stores. The company opened 21 new stores during the quarter, bringing its total to 511 Dick's Sporting Goods stores and 81 Golf Galaxy stores.
Dick's raised the lower end of its previous fourth-quarter profit prediction by two cents, narrowing its guidance to a range of $1.03 to $1.05 per share from $1.01 to $1.05 per share. Analysts expect earnings of $1.07 per share.
The company also boosted its full-year profit prediction. It now expects adjusted net income of $2.53 to $2.55 per share, up from its previous prediction of $2.47 to $2.51 per share. Analysts expect $2.54 per share.
Dick's shares rose $1.60, or 3.3 percent, to $50.30 in premarket trading.