Third-quarter net income was $57.6 million or $0.66 per share, compared to $37.8 million or $0.39 per share in the corresponding period of last year. Adjusted earnings were $0.52 per share. The bottom-line surpassed analysts’ forecast.
Related: Dick’s Sporting Q2 Earnings Conference Call Transcript
“We saw increases in both average ticket and transactions, as well as growth across each of our three primary categories of hardlines, apparel and footwear. As we head into the holiday season, we remain very enthusiastic about our business, and we are pleased to increase our full-year sales and earnings outlook for the third time this year,” said CEO Edward Stack.
The management raised its full-year 2019 earnings per share guidance to $3.63-3.73 and lifted adjusted earnings per share outlook to $3.50-3.60, both up from the previous range of $3.30-3.45. Capital expenditures are expected to be around $230 million in the whole of 2019 on a gross basis and around $200 million on a net basis, which represents an increase from the 2018 levels.
During the quarter, Dick’s repurchased around 2.8 million shares for $99.5 million. Earlier this month, it declared a quarterly dividend of $0.275 per share, which is payable in cash on December 31, 2019, to stockholders of record on December 13, 2019.
Dick Sporting’s shares gained about 20% since the beginning of the year, though they witnessed a high level of volatility during the period. The stock closed the last trading session slightly higher and gained sharply early Tuesday following the earnings report.