While reporting financial results for the second quarter on Tuesday, sporting goods retailer DICK'S Sporting Goods Inc. (DKS) raised its earnings guidance for the full-year 2023 to reflect second quarter results and gross margin expectations for the second half of the year. Consolidated same store sales outlook is reaffirmed.
For fiscal 2023, the company now projects earnings in a range of $11.33 to $12.13 per share and adjusted earnings in a range of $11.50 to $12.30 per share. Previously, the company expected earnings in the range of $12.90 to 13.80 per share.
However, consolidated same store sales growth is reaffirmed to be between flat and up 2 percent.
On average, 27 analysts polled by Thomson Reuters expect the company to report earnings of $13.49 per share for the year. Analysts' estimates typically exclude special items.
For the second quarter, net income declined to $244.33 million or $2.82 per share from $318.50 million or $3.25 per share in the prior-year quarter.
Net sales for the quarter increased 3.6 percent to $3.22 billion from $3.11 billion in the same quarter last year. Comparable store sales grew 1.8 percent, driven by a 2.8 percent increase in transactions and continued market share gains.
The Street was looking for earnings of $3.81 per share on net sales of $3.23 billion for the quarter.
On Monday, the Company's Board of Directors authorized and declared a quarterly dividend in the amount of $1.00 per share on the Company's common stock and Class B common stock, payable in cash on September 29, 2023 to stockholders of record at the close of business on September 15, 2023.
The company also said it is conducting a business optimization of its organization to better align its talent, organizational design and spending in support of its most critical strategies while also streamlining overall cost structure.
The company eliminated certain positions primarily at its customer support center on August 21, 2023 for which we expect to incur approximately $20 million of severance expense in the third quarter of 2023.
The company currently expects the business optimization to be completed during fiscal 2023 and may result in additional one-time charges of $25 million to $50 million.
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