Dick's Sporting Goods, Inc. has reported its third-quarter results, showing a 4.2% increase in comparable sales compared to the same period last year. The net sales for the quarter were $3.06 billion, up 0.5% from the previous year. The company's income before income taxes as a percentage of net sales increased by 89 basis points to 9.7%. However, non-GAAP income before income taxes decreased by 84 basis points to 9.7%.
The net income for the quarter was $228 million, a 13% increase from the previous year. Earnings per diluted share stood at $2.75, reflecting a 15% increase. Non-GAAP net income and non-GAAP earnings per diluted share decreased by 5% and 4% respectively.
For the year-to-date period, the company reported a 4.7% increase in comparable sales compared to the same period last year, with net sales amounting to $9.549 billion, up 4.8% from the previous year. The income before income taxes as a percentage of net sales increased by 162 basis points to 11.8%, and the non-GAAP income before income taxes increased by 104 basis points to 11.8%.
The net income for the year-to-date period was $865 million, a 15% increase from the previous year. Earnings per diluted share stood at $10.43, reflecting a 21% increase. Non-GAAP net income and non-GAAP earnings per diluted share increased by 10% and 15% respectively.
In terms of the balance sheet, the company's cash and cash equivalents increased by 4% to $1.459 billion, while inventories, net, increased by 13% to $3.726 billion.
The company's capital allocation for the 39 weeks ended November 2, 2024, saw a 74% decrease in share repurchases, amounting to $170 million, and a 1% increase in dividends paid, amounting to $273 million. Gross capital expenditures increased by 38% to $566 million, and net capital expenditures increased by 39% to $511 million.
Looking ahead, Dick's Sporting Goods raised its full-year 2024 guidance for comparable sales growth to a range of 3.6% to 4.2%, up from 2.5% to 3.5% previously. The company also raised its full-year 2024 earnings per diluted share guidance to a range of $13.65 to $13.95, up from $13.55 to $13.90 previously.
The company's outlook for net sales is in the range of $13.2 billion to $13.3 billion, with a capital expenditure of approximately $900 million on a gross basis and approximately $800 million on a net basis.
In terms of store activity, Dick's Sporting Goods opened 1 new store in Q3 and closed 4 stores, ending with 727 stores. The company's square footage for its specialty concept stores increased to 42.7 million square feet.
These figures indicate the company's strong performance and its strategic investments, setting a positive outlook for its future growth. Following these announcements, the company's shares moved -1.3%, and are now trading at a price of $212.47. For more information, read the company's full 8-K submission here.
