Dick's Sporting Goods Boosts FY22 EPS Forecast Post Q2 Beat - Dick's Sporting Goods (NYSE:DKS)

Dick's Sporting Goods Inc DKS reported a second-quarter FY22 sales decline of 5% year-on-year to $3.11 billion, beating the consensus of $3.07 billion. Net sales increased 38% versus 2Q19.
Comparable store sales decreased 5.1% versus 20.2% growth a year ago.
The gross profit margin contracted 388 basis points Y/Y to 36.03%. The operating margin contracted 547 basis points to 14.79%, and operating income for the quarter fell 30.6% to $460.2 million.
The company held $1.89 billion in cash and equivalents as of July 30, 2022. Total inventory at the end of Q2 increased 49% Y/Y.
Adjusted EPS of $3.68 beat the analyst consensus of $3.57.
The company's Board of Directors declared a quarterly dividend of $0.4875 per share, payable in cash on September 30, 2022, to stockholders of record on September 9, 2022.
Outlook: DKS sees FY22 adjusted EPS of $10.00 - $12.00 (prior view $9.15 - $11.70) versus the consensus of $10.87.
The company expects FY22 comparable store sales of negative 6% to negative 2% (prior view negative 8% to negative 2%).
Price Action: DKS shares are trading higher by 1.22% at $111.71 on the last check Tuesday.