DICK'S Sporting Goods, Inc. (DKS - Free Report) , the sporting goods retailer, came out with third-quarter fiscal 2017 results, wherein adjusted earnings of 30 cents per share plunged 37.5% year over year, but came ahead of the Zacks Consensus Estimate of 26 cents.
Earnings Estimate Revision: The Zacks Consensus Estimate for fiscal 2017 has remained stable over the past 30 days. However, in the trailing four quarters (excluding the quarter under review), the company has outperformed the Zacks Consensus Estimate by an average of 3.2%.
Revenues: DICK'S Sporting generated total sales of nearly $1,944.2 million that jumped 7.4% year over year and also came ahead of the Zacks Consensus Estimate of $1,889 million. Consolidated comps decreased 0.9%.
Key Events: On Nov 9, 2017, management declared a quarterly cash dividend of 17 cents per share on the Company's Common Stock and Class B Common Stock. This is payable on Dec 29, 2017 to shareholders of record as on Dec 8.
Further, DICK'S Sporting repurchased roughly 2.9 million shares worth $76 million during the quarter, following which it had shares worth roughly $0.8 billion remaining under its standing authorization that extends through 2021.
Outlook: Following the results, the company raised its fiscal 2017 earnings outlook. For fiscal 2017, which will have an additional week, the company expects adjusted earnings in the band of $2.92-$3.04 per share. Earlier, management has projected adjusted earnings in the range of $2.80-$3 per share.
Zacks Rank: Currently, DICK'S Sporting carries a Zacks Rank #4 (Sell), which is subject to change following the earnings announcement.
You can see the complete list of today’s Zacks #1 Rank (strong Buy) stocks here.
Stock Movement: DICK’S Sporting shares fell 5.1% during pre-market trading hours following the quarterly results.
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