Dick’s Sporting Goods (NYSE:DKS) earnings for the second quarter of fiscal year 2020 have DKS stock soaring on Wednesday morning. This rise comes after its adjusted earnings per share (EPS) of $3.21 crushed Wall Street’s estimate of $1.30. Additionally, the sporting goods retailer’s revenue of $2.71 billion was much better than analysts’ estimate of $2.46 billion.
Moreover, the company also reported GAAP EPS of $3.12.
Here are some additional highlights from the most recent Dick’s Sporting Goods earnings report.
- Revenue for the quarter comes in 20% higher compared to $2.26 billion in fiscal Q2 2019.
- Per-share earnings are 155% better than $1.26 at this time last year.
- Operating income of $391.36 million is a 152.5% jump year-over-year from $155 million.
- The Dick’s Sporting Goods earnings report also includes a net income of $276.84 million.
- That’s a 146% increase from the company’s net income of $112.53 million from the same period of the year prior.
Edward W. Stack, chairman and CEO of Dick’s Sporting Goods, said this about the DKS stock earnings:
“We had an exceptionally strong Q2 in which we delivered our highest ever quarterly sales and earnings. These results are a testament to the hard work and dedication of our teammates, who reacted quickly to favorable shifts in consumer demand throughout the quarter. During this pandemic, the importance of health and fitness has accelerated and participation in socially distant, outdoor activities has increased. There has also been a greater shift toward athletic and active lifestyle product with people spending more time working and exercising at home. The majority of our assortment sits squarely at the center of these trends, and while mindful of the uncertainty in the current environment, we are in a great lane right now.”
According to the release, Dick’s Sporting Goods announced that it was withdrawing its FY2020 guidance. That said, we know what Wall Street is expecting. Analysts are calling for EPS of $1.05 on revenue of $8.45 billion.
DKS stock was up 15.1% as of Wednesday morning.
Nick Clarkson is a Web Editor at InvestorPlace.com. As of this writing, he did not hold a position in any of the aforementioned securities.