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: Dick’s Sporting Goods rallies in premarket after it boosts its 2023 profit outlook

Dick’s Sporting Goods Inc.’s stock DKS was up nearly 9% in premarket trading on Tuesday after the retailer beat Wall Street’s third-quarter profit estimate and raised its outlook for 2023. Dick’s Sporting Goods said its third-quarter net income fell to $201.1 million, or $2.39 a share, from $228.46 million, or $2.45 a share, in the year-ago quarter. The company’s adjusted earnings of $2.85 a share beat the FactSet consensus estimate of $2.45 a share. Third-quarter revenue rose to $3.04 billion from $2.96 billion in the year-ago period and beat the analyst estimate of $2.94 billion. Looking ahead, Dick’s lifted its adjusted 2023 profit outlook to $12 to $12.60 a share, ahead of the analyst estimate of $11.78 a share. The company said it had a “very strong’ Back-to-School season and that it’s excited about holiday shopping. Dick’s said it also gained market share, with third-quarter comparable store sales driven by increases in transactions and average ticket.

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