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Dick’s Sporting Goods Soars 13% in Impressive Run

Shares of Dick’s Sporting Goods were on fire today, rising 13% to just below USD 130 per share on stronger than usual volume of 17 million shares. The sporting goods retailer had a record second quarter for the company, beating analyst expectations on both the top and bottom lines. While the stock made its way to a fresh all-time high of USD 134, it wasn’t able to hold it for the close.

The stock has been on a tear, having risen more than 100% year-to-date even in an uncertain environment. Dick’s has been among the beneficiaries of the strengthening economy as shoppers head back to the stores, though its e-commerce business is booming too. Even throughout the pandemic, Dick’s has been ringing the cash register as consumers invest in exercise apparel and equipment.

The company has also figured out a way to improve its margins, fueled largely by its ship-from-store model that streamlines the process for the retailer and customers alike, analysts point out.

Blockbuster Results

Dick’s Q2 earnings came in at USD 5.08 per share, far above Wall Street estimates of USD 2.88. Revenue climbed higher by more than 20% year-over-year to USD 3.2 billion on analyst estimates of USD 2.8 billion. Same-store sales rose by a similarly impressive double-digit percentage.

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Dick’s lifted its full-year outlook on the heels of the solid quarter, announced a special dividend, raised its regular distribution, and revealed a doubling of its share repurchase plans, all bullish for a stock that has already defied the odds.

Executive Shuffle

In recent days, Dick’s Sporting Goods named Navdeep Gupta as CFO, effective Oct. 1. Gupta is succeeding Lee Belitsky, who will remain at the retailer but in a different role. Gupta is no stranger to the company and has been employed by Dick’s since 2017. He is also an alum of Advance Auto Parts.

Gupta is not the only new addition to the C-Suite. Earlier this year, the company named Lauren Hobart as CEO, replacing Ed Stack. Together, Gupta and Hobart will have to navigate the impact that the spread of the delta variant could have on business going forward. Based on the stock’s performance, it appears they are off to a good start.

This article was originally posted on FX Empire

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