Dick's Sporting Goods Stock Falls Despite Q3 Earnings Beat, Raised FY21 Outlook

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Dick's Sporting Goods Inc DKS reported third-quarter FY21 sales growth of 13.9% year-on-year, to $2.75 billion, beating the analyst consensus of $2.49 billion. Adjusted EPS of $3.19 beat the analyst consensus of $1.95.

  • The same-store sales increased 12.2% on top of a 23.2% growth last year and a 6.0% increase in the Q3 of FY19.
  • eCommerce sales increased 97% compared to the Q3 of 2019 and 1% from Q3 of FY20. 
  • The gross profit margin expanded 354 basis points Y/Y to 38.45%. The operating margin expanded 508 basis points to 15.3%, and operating income for the quarter rose 70.6% to $419.8 million.
  • The company held $1.37 billion in cash and equivalents as of October 30, 2021. Total inventory at the end of Q3 increased 7.3% Y/Y.
  • Outlook: Dicks Sporting sees FY21 sales of $12.12 billion - $12.19 billion (prior view 11.52 billion -$11.72 billion) versus the consensus of $11.84 billion.
  • The company expects FY21 adjusted EPS of $14.60 - $14.80 (prior view $12.45 - $12.95), against the consensus of $13.13.
  • Price Action: DKS shares are trading lower by 10.1% at $126.05 on the last check Tuesday.
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