Shares of Dicks up 7% Pre-Market: Company Reports 7% Comps in Q4, Raised Outlook
Shares of Dicks Sporting Goods (NYSE: DKS) are up 7% in pre-market trading following better than expected fourth quarter same-store sales and increased guidance.
In a press release on Monday, Dicks reported that fourth quarter 2013 shifted consolidated same store sales increased approximately 7% versus guidance of a 3-4% gain. Due to better than anticipated same store sales and merchandise margin, the company raised its outlook. Dicks increased fourth quarter EPS guidance from $1.04-$1.07 to $1.10-$1.11, versus the analyst estimate of $1.06. Full year 2014 consolidate earnings per diluted shares are expected to be with $3.03 to $3.08.
In the press release, Edward W. Stack, Chairman and Chief Executive Officer commented, “Even with the cautious consumer environment and a shorter and promotional holiday season, we generated sales well above our original expectations, maintained merchandise margin levels consistent with last year and leveraged SG&A. We enter 2014 with a robust and growing omni-channel network and exciting merchandising opportunities, which we believe will translate into double-digit earnings growth.”
Shares of Dicks Sporting Goods closed at $51.10 on Friday.
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