Dick’s Sporting Goods (NYSE:DKS), a sporting goods retailer, soared in trading after the company announced better-than-expected Q4 results. DKS posted the best sales quarter in its history with net sales of $3.8 billion, up by 7.8% year-over-year as compared to consensus estimates of $3.79 billion.
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The company reported adjusted earnings of $3.85 per share in Q4, up by 31% year-over-year and above Street estimates of $3.36 per share. Comparable store sales increased by 2.8% in the fourth quarter.
Looking forward, in FY24, DKS has projected net sales in the range of $13 billion to $13.1 billion with comparable store sales likely to increase between 1% and 2%. The retailer expects FY24 earnings to be between $12.85 and $13.25 per share.
DKS declared a quarterly dividend of $1.10 per share on the company’s common stock and Class B common stock. The dividend is payable on April 12 to shareholders of record at the close of business on March 29, 2024. The company increased its annualized dividend by 10% to $4.40 per share.
Will DKS Stock Go Up?
Analysts remain cautiously optimistic about DKS stock with a Moderate Buy consensus rating based on six Buys and seven Holds. Year-to-date, DKS stock has surged by more than 40%, and the average DKS price target of $175.92 implies a downside potential of 18.7% at current levels.
