Sporting goods retailer Dick's Sporting Goods, Inc. (DKS) reported third-quarter net income of $50.14 million or $0.40 per share, higher than $41.48 million or $0.33 per share in the prior-year quarter.
Excluding special items, adjusted net income for the year-ago quarter was $40.18 million or $0.32 per share.
On average, 27 analysts polled by Thomson Reuters estimated the company to report earnings of $0.37 per share for the third quarter. Analysts' estimates typically exclude special items.
Net sales for the quarter increased 11.2 percent to $1.31 billion from $1.18 billion in the same quarter last year, and topped twenty-three Wall Street analysts' consensus estimate of $1.30 billion by a whisker.
Consolidated same store sales increased 5.1 percent. Gross profit margin expanded to 30.95 percent from last year's 29.72 percent.
Looking ahead to the fourth quarter, Dick's Sporting now projects earnings in a range of $1.03 to 1.05 per share, up from the earlier guidance of $1.01 to 1.05 per share. Analysts expect the company to report earnings of $1.07 per share for the quarter.
Comparable store sales for the quarter is expected to increase about 4 percent.
For fiscal 2012, the company raised its adjusted earnings guidance to a range of $2.53 to 2.55 per share from the prior guidance range of from $2.47 to 2.51 per diluted share. Street is currently looking for full-year 2012 earnings of $2.54 per share.
Comparable store sales for fiscal 2012 is currently expected to grow about 5 percent.
by RTT Staff Writer
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