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.
For further details see:
Why Dick's Sporting Goods Stock Scored on Tuesday