- Dick’s Sporting Goods Inc (NYSE:DKS) reported a third-quarter FY22 sales growth of 7.7% year-on-year to $2.96 billion, beating the consensus of $2.68 billion.
- Comparable store sales increased 6.5% versus 12.8% growth a year ago.
- Gross profit margin contracted 423 basis points Y/Y to 34.22%. The operating margin contracted 428 basis points to 11%, and operating income for the quarter fell 22.5% to $325.5 million.
- The company held $1.4 billion in cash and equivalents as of October 29, 2022. Total inventory at the end of Q3 increased 35% Y/Y.
- Adjusted EPS of $2.60 beat the analyst consensus of $2.19.
- The company’s Board of Directors declared a quarterly dividend of $0.4875 per share, payable in cash on December 30, 2022, to stockholders of record on December 9, 2022.
- Also Read: 7 Lessons That 25-Year-Old Corporate Superstar Cole Clark Says Accelerated His Career
- Outlook: DKS raised the FY22 adjusted EPS outlook from $10.00 – $12.00 to $11.50 – $12.10 versus the consensus of $11.45.
- The company also raised FY22 comparable store sales guidance to negative 3% – negative 1.5% from previously expected negative 6% – negative 2%.
- Price Action: DKS shares are trading higher by 8.30% at $115.82 on the last check Tuesday.
Amazon Web Services Undergoes Leadership Change, Matt Garman to Take Over as CEO
Amazon (AMZN) stock down as Matt Garman replaces Adam Selipsky as AWS CEO. AWS's 2021 job cuts aimed for digital self-service training. $143.3B Q1 sales, $100B annual run rate. Dominant in cloud market and AI. Gain exposure through XLY and FDIS. AMZN -0.84% at $185.00
