US' Dick's Sporting Goods achieves record sales of $3.04 bn in Q3 FY23

In terms of comparable store sales, Dick's Sporting Goods delivered a 1.7 per cent growth in the third quarter, following a 6.5 per cent increase in the third quarter of FY22.

Earnings performance was also strong, with the company reporting earnings per diluted share of $2.39. On a non-GAAP basis, earnings per diluted share reached $2.85, surpassing last year's figures of $2.45 and $2.60, respectively, the company said in a press release.

Moreover, Dick's Sporting Goods reported an earnings before taxes (EBT) margin of 8.8 per cent and an impressive double-digit non-GAAP EBT margin of 10.6 per cent.

Looking ahead, the company has provided an optimistic outlook for FY23. Dick's Sporting Goods expects earnings per diluted share to be between $11.45 and $12.05. Additionally, the forecast for comparable store sales is positive, ranging from 0.5 per cent to 2 per cent on a 52-week basis.

"We are pleased with our third quarter results. With our best-in-class athlete experience and differentiated assortment, we had a very strong back-to-school season and continued to gain market share as consumers prioritize Dick's Sporting Goods to meet their needs. Our Q3 comps were driven by increases in both transactions and average ticket, and we delivered double-digit EBT margin on a non-GAAP basis," said Lauren Hobart, president and chief executive officer.

Fibre2Fashion News Desk (DP)