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Nov. 24, 2020, 7:53 a.m. EST

Dick's Sporting Goods tops estimates as home fitness and active lifestyle trends bloom during pandemic

Dick's Sporting Goods Inc. (NYS:DKS) posted stronger-than-expected earnings for the third quarter, buoyed by positive trends in golf, outdoor activities, home fitness and active lifestyle during the coronavirus pandemic. The company posted net income of $177.2 million, or $1.84 a share for the quarter to Oct. 31, up from $57.6 million, or 66 cents a share, in the year-earlier period. Adjusted per-share earnings came to $2.01, well ahead of the $1.08 FactSet consensus. Sales rose 23% to $2.41 billion, also ahead of the $2.24 billion FactSet consensus. Same-store sales rose 23.2%, compared with a FactSet consensus of up 13%. E-commerce sales rose 95%, and accounted for about 21% of total sales, up from 13% in the year-earlier period. "Overall, the favorable trends in our business have continued into Q4," Lauren Hobart, president of the company said in a statement. "These strong sales results have been partially offset by warmer weather that has negatively impacted sales in important cold-weather categories. Taken together, through the first three weeks of Q4, our consolidated comp sales have increased in the high-teens." The company is not offering guidance. Shares jumped 1.7% premarket and have gained 19% in the year to date, while the S&P 500 (S&P:SPX) has gained 11%.

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