DICK’S Sporting Goods Inc (NYSE:DKS) stock rose 0.19% (As on November 22, 11:26:11 AM UTC-4, Source: Google Finance) after the company beat Wall Street’s estimates on the top and bottom lines for the period. Sales and profit at Dick’s Sporting Goods bounced back in the fiscal third quarter, leading the retailer to raise its full-year guidance after it shocked investors earlier this year when it slashed its outlook over theft concerns. The company’s reported net income for the three-month period that ended Oct. 28 was $201 million, compared with $228 million, a year earlier. During the third quarter, shrink remained a challenge for the company and cut into its gross margin by 0.5 percentage points.

DKS in the third quarter of FY 23 has reported the adjusted earnings per share of $2.85, beating the analysts’ estimates for the adjusted earnings per share of $2.44, based on a survey of analysts by LSEG, formerly known as Refinitiv. The company had reported the adjusted revenue growth of 2.8 percent to $3.04 billion in the third quarter of FY 23, beating the analysts’ estimates for revenue of $2.94 billion.

Additionally, the company declared a quarterly dividend in the amount of $1.00 per share on the Company’s common stock and Class B common stock. The dividend is payable in cash on December 29, 2023 to stockholders of record at the close of business on December 15, 2023. The company repurchased 3.5 million shares of common stock for $388 million during the third quarter.

For the full year, the company now projects earnings per share to be between $11.45 and $12.05, compared with the $11.27 to $12.39 range that analysts had expected, according to LSEG. Dick’s raised its guidance from a prior range of $11.33 to $12.13. But it still falls below the original outlook the company set earlier this year, when it said it expected earnings of $12.90 to $13.80. Dick’s also raised its comparable sales outlook slightly and expects them to be up between 0.5% and 2%, compared with a previous range of flat to up 2%. Much of that range would top the 0.7% increase that analysts had expected, according to StreetAccount. While earnings guidance at Dick’s is still below the range it originally set for itself, strong sales during the back-to-school months and a core consumer that’s held up better than expected led the company to raise its outlook.