Dick's Boosts Forecast After Sales, Earnings Beat Estimates [BNN Bloomberg (Canada)]
Foot Locker, Inc. (FL)
Last foot locker, inc. earnings: 2/28 06:45 am
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Source: BNN Bloomberg
Dick's said Tuesday that it attracted more shoppers in the three months ended Oct. 29 and they also shelled out more money. Comparable-store sales increased 6.5% in the period, while analysts had been looking for a 3.1% decline. The results suggest athletic apparel is more resilient than other goods as higher prices for essential items such as food and housing take up more of shoppers' budgets. Dick's earlier this year slashed its sales and profit forecasts, with executives attributing the move to an abundance of caution about the health of US consumers, though at the time no slowdown had materialized. The company had raised its outlook on both metrics last quarter. The latest forecast revisions are higher than Wall Street was looking for but still a bit lower than the company's guidance from eight months ago. Comparable-store sales are now expected to fall 1.5% to 3% this year, up from the prior forecast for a decline of as much as 6%. Earnings excluding some items are now seen
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