Yahoo Finance Live anchors discuss third-quarter earnings for Dick’s Sporting Goods.
JULIE HYMAN: Let's talk about Dick's Sporting Goods, shall we? Because those shares are on the move. A little bit down. Down about 1% here after even after topping third-quarter earnings estimates. Comparable store sales up 6 and 1/2%. The company also raised its full year sales and earnings guidance.
So these numbers showing a little bit better, you know, results, perhaps, in the sporting goods category. Although, again, this kind of bucks the bigger trend that we have been seeing within that group. And, you know, it's just less bad. Again, it's not like--
BRIAN SOZZI: Like Best Buy.
JULIE HYMAN: --it's not increases, it's just less bad.
BRIAN SOZZI: Right. Like you heard from--
JULIE HYMAN: Yes, like Best Buy.
BRIAN SOZZI: --Best Buy. But overall, same-store sales up 6 and 1/2%. This was-- this was a good quarter from Dick's Sporting Goods. And I would venture to say when I go back to that earnings call transcript in the early afternoon, I will hear them talk about a somewhat decent start to the holiday shopping season, which a lot of other retailers are not calling that out right now.
BRAD SMITH: It just hasn't been a blockbuster year for Dick's. In fact, it hasn't been a good year for Dick's. Net sales, still to this point in the year, down by about 2%. You've also got some of the net income that's net lower by about 31%. And then earnings are down 24% over the course of this year.
So with the partnerships that they do have and maintaining the amount of inventory that a Nike is able to or willing to put into a Dick's Sporting Goods, or even some of the new partnerships like a Peloton, where is that just going to continue to drive of the foot traffic? That particularly, I think, is something worth noting here.
But again, I mean, they're still raising their full year 2022 comp sales towards-- comp store sales guidance as well. That range still negative though, negative-3% to negative-1 and 1/2%.
BRIAN SOZZI: This is one of my favorite stores. I love Dick's Sporting Goods.
JULIE HYMAN: Really?
BRIAN SOZZI: You go to the second floor, you can check out the new tents and like the camping equipment, check out the Yeti bottles. There's like new rock clothing apparel in the Under Armor section. It's just fun to go here. It is. It really is. They have changed the store into an experience. And I think it's fun.
JULIE HYMAN: I would much rather go to an REI--
BRIAN SOZZI: REI is good.
JULIE HYMAN: --for that kind of stuff.
BRIAN SOZZI: Absolutely.
JULIE HYMAN: To me, an REI is much more--
BRAD SMITH: Good store.
JULIE HYMAN: --[INAUDIBLE] than a Dick's Sporting Goods.
BRAD SMITH: Well, I enjoyed the Golf Galaxy. They own that, too.
BRIAN SOZZI: Yeah, now they-- now started also putting golf simulators in here. I mean, why not would you want to-- I'd hang out there for the day and buy stuff. I have actually.
BRAD SMITH: [LAUGHS] Well--
JULIE HYMAN: I love the insight we get into the Brian Sozzi weekends.
BRAD SMITH: Do you go and workout at the Dick's?
BRIAN SOZZI: I mean, it's sad but this is-- you're getting-- what's that?
BRAD SMITH: That could be like a free membership. Just go and work out at Dick's.
BRIAN SOZZI: I'd go and workout, hang out in the golf simulators. Go on-- work Peloton. We have the Peloton bikes in there now.
JULIE HYMAN: Do you know what that reminds me of? And this is a deep tease to later in the show. JCPenney, I recall, when-- at a certain stage in JCPenney, one of our reporters at our former job, going in, checking out the JCPenney. And someone was working out on the workout equipment because there were like two people in the JCPenney. There was a salesperson maybe and then the person working out on the fitness equipment.
BRIAN SOZZI: That's bad. That's bad.
JULIE HYMAN: That's a deep tease because we're gonna be speaking to the current CEO--
BRIAN SOZZI: And there's no more exercise equipment--
JULIE HYMAN: --of JCPenney.
BRIAN SOZZI: --in JCPenney. There's no more [INAUDIBLE].
JULIE HYMAN: There's not. Mark Grossman is gonna be joining us later in the show.
BRAD SMITH: That was top notch resourcefulness on their part, for sure.