Dick's Sporting Goods up on better-than-expected results

Big 5 Sporting Goods

25/05/2022 17:31

(Updates)
    ** Shares in sporting goods chain  DKS.N  up 13.5% at $88.9
    ** Reports Q1 net sales of $2.7 billion and adjusted
earnings per share of $2.85, beating Wall Street estimates of
$2.59 billion and $2.48 per share, respectively - Refinitiv IBES
data
    ** "Partnership with Nike is at an all-time high, as is our
partnership with all of our strategic partners" - CEO Lauren
Hobart on earnings call 
    ** Telsey analysts view Dick's as a long-term share gainer
through its mix of national and private-label brands and
e-commerce, which is helped by its off-mall locations that
provide convenient curbside pickup options
    ** Shares of other sporting goods chains climb, tracking a
broader bounce in the retailing space  urn:newsml:reuters.com:*:nL2N2XH1NL
    ** Shares in DKS had earlier hit over 1-year low before
reversing course
    ** DKS trimmed its forecasts for 2022 adjusted EPS and
sales, citing "the impact of evolving macroeconomic conditions"
 urn:newsml:reuters.com:*:nPn5pV1y0a
    ** Through last close, shares had declined 38% this year

 (Reporting by Praveen Paramasivam and Reshma Rockie George)
 ((Praveen.Paramasivam@thomsonreuters.com;Reshma.George@thomsonr
euters.com))