Dick's Sporting Goods (NYSE: DKS) reported Q2 EPS of $5.08, $2.38 better than the analyst estimate of $2.70. Revenue for the quarter came in at $3.27 billion versus the consensus estimate of $2.82 billion.
"We said 2021 was going to be the most transformational year in our history, and so far, it certainly has been. We continue to perform at a very high level and invest in our future to reimagine the athlete experience in our core business and with new concepts," said Ed Stack, Executive Chairman. "I am very pleased with the strength of our business and confident about our growth opportunities."
"Our record-breaking quarterly sales and earnings significantly exceeded our expectations, reflecting continued strong consumer demand across our diverse category portfolio along with the strength of our omni-channel offering and elevated athlete experience. I'd like to thank all our teammates for how they delivered against our core strategies and for their commitment to DICK'S Sporting Goods, which helped make this performance possible," said Lauren Hobart, President and Chief Executive Officer. "Based on the strength of our business and our expectations for continued strong consumer demand, we are pleased to increase our full year sales and earnings outlook for the second time this year."
GUIDANCE:
Dick's Sporting Goods sees FY2021 EPS of $12.45-$12.95, versus the consensus of $9.01. Dick's Sporting Goods sees FY2021 revenue of $11.52-11.72 billion, versus the consensus of $10.9 billion.
RAISED AND SPECIAL DIVIDEND:
The Company announces enhancements to its 2021 capital allocation plan, including a special dividend of $5.50 per share, a 21% increase in its quarterly dividend to $0.4375 per share and an increase in its planned share repurchases to a minimum of $400 million.
"This additional cash return to our shareholders demonstrates the confidence we have in our business, the strength of our balance sheet and a commitment to efficiently deploy our cash," said Lauren Hobart, President and Chief Executive Officer. "We continue to remain firmly committed to investing in the profitable growth of our core business."