DICK’S Sporting Goods, Inc. (NYSE: DKS) on Tuesday reported lower earnings and higher net sales for the third quarter of 2022. The numbers came in above the market’s forecast.
Net sales increased 7.7% year-over-year to $2.96 billion in the third quarter when same-store sales moved up 6.5%. The top line also exceeded Wall Street’s expectations.
Adjusted earnings declined to $2.60 per share in the three-month period from $3.19 per share a year earlier, but came in above the consensus forecast. Unadjusted profit was $228 million or $2.45 per share in the latest quarter, compared to $317 million or $2.78 per share in the third quarter of 2021.
Check this space to read management/analysts’ comments on DICK’s Sporting Goods’ Q3 earnings
“We delivered an exceptionally strong third quarter with our comps increasing 6.5% and EBT margin of 10.3%, which was over three times our 2019 non-GAAP rate. DICK’S is a growth company, and our Q3 sales results are powerful evidence of our sustainable growth story,” said Lauren Hobart, CEO of Dick’s Sporting.