Dick's Sporting Goods, Inc. (DKS) on Wednesday raised its earnings outlook for the fourth quarter and full year 2009, citing stronger than expected holiday sales.
The Pittsburgh, Pennsylvania-based sporting goods retailer said it now expects fourth quarter earnings of at least $0.54, compared to its previous guidance of $0.41 to 0.46 per share provided on November 19. Analysts polled by Thomson Reuters currently expect the company to earn $0.49 per share for the fourth quarter.
The company said it now expects fourth quarter same-store sales to grow about 2%, compared to its previous guidance for a 4% to 6% decline.
For the full year 2009, the company said it now expects earnings of at least $1.17 per share, compared to its prior expectations of $1.04 to 1.09 per share. The guidance exclude merger and integration costs. Analysts currently expect the company to earn $1.12 per share for the full year 2009. Analysts' estimates typically exclude special items.
The company now expects full year 2009 GAAP earnings of at least $1.12 per share, compared to prior guidance of $0.99 to 1.04 per share.
Full year 2009 same-store sales are now expected to decrease about 2% compared to the company's previous expectation of a 4% to 3% decline.
"At the time of our third quarter earnings announcement, same store sales had been running at a negative double-digit pace since mid-October. Beginning in the final week of November, however, we saw an improvement in same store sales, which continued and strengthened through the holidays," said Edward W. Stack, Chairman and CEO. "The better than expected comparable sales were seen across all major categories."
Looking forward to 2010, Dick's said it expects earnings per share to be greater than its current 2009 forecast.
Dick's shares are currently trading at $23.06, down 39 cents or 1.66%.
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