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DICK’s Sporting Goods Hit By Cyber Attack
DICK’s Sporting Goods (NYSE:DKS) is a Pennsylvania-based company that operates as an omni-channel sporting goods retailer primarily in the United States. Shares of DICK’s Sporting were up 12% month-over-month as of late morning trading on Wednesday, August 28. The stock had shot up 60% in the year-to-date period.
On August 28, DICK’s Sporting Goods stated that it had discovered that an authorized third party had access to its information systems, including certain confidential data. Management stated that it immediately engaged with its external cybersecurity experts to investigate and contain the threat. DICK’s also said that it had notified federal law enforcement. It has no knowledge if the incident has disrupted business operations.
The company is set to release its next batch of earnings on September 4, 2024. In the first quarter (Q1) of fiscal 2024, DICK’s reported comparable sales growth of 5.3%. That was powered by growth in transactions and average ticket. Meanwhile, it reported earnings per diluted share of $3.30 and delivered EBT growth of 4%.
Looking ahead, the company raised its full year 2024 guidance for comparable sales growth to a range of 2.0% to 3.0% - up from 1.0% to 2.0%. Moreover, it also increased its full year 2024 earnings per diluted share guidance to a range of $13.35 to $13.75 compared to $12.85 and $13.25 previously.
Shares of DICK’s currently possess a favourable price-to-earnings ratio of 19. The stock offers a quarterly dividend of $1.10 per share. That represents a modest 1.8% yield.
