DKS - Why Dick's Sporting Goods Stock Skyrocketed to an All-Time High Today
2024-05-29 14:01:43 ET
Shares of sporting-goods retailer Dick's Sporting Goods (NYSE: DKS) skyrocketed on Wednesday after it reported what some analysts described as "blowout" financial results for its fiscal 2024 first quarter. As of 12:30 p.m. ET, the stock was up by 16% and had hit a new all-time high.
It's been a good few years for Dick's Sporting Goods, and investors have been waiting for its results to finally cool off. But it seems that consumers are still looking for sporting goods because both transactions and average ticket price increased for Dick's during the quarter, which ended on May 4. As a result, the company's same-store sales were up 5% year over year.
According to StreetInsider, Bank of America analyst Robert Ohmes was impressed, and upgraded his rating for Dick's stock to buy. But management seemed pleasantly surprised Wednesday as well. In light of the strong results for same-store sales, management raised its full-year same-store-sales guidance range from 1% to 2% growth to 2% to 3% growth.
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Why Dick's Sporting Goods Stock Skyrocketed to an All-Time High Today