Dick's Sporting Goods shares jump after earnings soar past expectations

Dick's Sporting Goods Inc. DKS, -2.38% stock soared 11.4% in Wednesday premarket trading after the athletic retailer reported second-quarter earnings and sales that blew past expectations. Net income of $276.8 million, or $3.12 per share, jumped from $112.5 million, or $1.26 per share, last year. Adjusted EPS of $3.21 was well above the FactSet consensus for $1.26. Sales of $2.71 billion were up from $2.26 billion last year and ahead of the FactSet outlook for $2.46 billion.

1 billion in cash and equivalents and no outstanding borrowings after repaying $1.4 billion from its $1.855 billion revolving credit facility. Dick's Sporting Goods recently extended its 15% pay premium to workers through the end of the year. The retailer did not provide financial guidance due to the uncertainty from the coronavirus pandemic. Through the first three weeks of the third-quarter, same-store sales increased 11%.

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