In the midst of a downturn in the sports apparel and footwear market, Dick’s Sporting Goods defied expectations and reported stronger-than-anticipated third-quarter earnings. The company’s net sales increased by 2.8% to $3.04 billion, while adjusted earnings per share rose by 10% to $2.85, surpassing analyst predictions. This was a positive sign amidst a third-quarter earnings season that saw revenue declines or missed expectations from other major players in the industry, including Nike, Under Armour, Adidas, and Puma.

Dick’s Sporting Goods also raised its full-year 2023 outlook for comparable store sales and earnings, indicating optimism about the future. Despite the challenges faced by the industry, Dick’s CEO, Lauren Hobart, expressed hope for continued success in the face of uncertainty. “Our consumer is not trading down [to lower-quality merchandise], and our consumers have actually held up very well,” she said.

As a result of the strong earnings report, Dick’s stock saw a nearly 7% increase in early trading on the New York Stock Exchange. Although it is still working to recover from a 24% drop in August, this positive news bodes well for the company as it enters the critical holiday shopping season with optimism about its potential for continued success. Hobart said, “We are very excited about what we have within our control for Q4.”