DKS - Why Dick's Sporting Goods Stock Scored on Tuesday
2023-11-21 12:04:30 ET
Shares of sporting-goods retailer Dick's Sporting Goods (NYSE: DKS) scored the market's approval with its fiscal third-quarter results on Tuesday. After rising by more than 12% in early trading, Dick's stock was still up by about 4.1% as of 11:55 a.m. ET.
After the fiscal second-quarter report, Dick's Sporting Goods stock plunged because the company fell short of expectations and management lowered its full-year guidance. However, fiscal Q3 was a different story. Business trends held up better than expected, leading to outperformance for the period, and a slight increase to full-year financial guidance.
For the fiscal quarter, which ended Oct. 28, same-store sales grew by 1.7% from the prior-year period, in part due to an increase in transactions. In other words, people are still buying sporting goods and related products despite this year's complicated economic conditions.
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Why Dick's Sporting Goods Stock Scored on Tuesday