• by Sarah Mahoney  @mahoney_sarah, August 24, 2022

Dick's Sporting Goods posted second-quarter results that bested expectations. So the company is boosting its forecast for the remainder of the year -- a rarity among retailers this quarter.

The Pittsburgh-based chain says its sales dropped 5%, with net sales falling to $3.1 billion, compared to $3.27 billion in the year-ago period. When stacked against the comparable period in 2019, sales rose 38%.

And while the retailer still expects an overall sales decline for the full year, it's raised that estimate and now expects a sales decline of between just 6% and 2%. It also increased its profit forecast.

Net income for the quarter dropped to $318.5 million, compared to $495.5 million in the second quarter of 2021.

The company is also upbeat about its back-to-school strategy, as schools and families return to ever-more-normal activity levels.

The report cheered observers as forecasts in the retail sector grow increasingly cloudy.

"The premium sporting goods category is proving resilient, and Dick's continues to gain market share with solid execution of its initiatives," writes Seth Basham, an analyst who follows the company for Wedbush Securities.

Dick's decline in sales results was "better than feared," he adds.

Like many retailers, Dick's results were up against stellar 2021 results, which included a jump of 20% as consumers had stimulus money to spend.

"However, sales continue to run well above pre-COVID levels, as consumers make lasting lifestyle changes including an increased focus on health and fitness and greater participation in outdoor activities," Basham adds.

Wedbush continues to rate Dick's as likely to outperform its competitors.

Dick's also just announced a multiyear partnership with the Chicago Sky, the defending champions of the WNBA. The news marks the brand's first-ever deal with a WNBA franchise. The reatiler says the sponsorship is an effort to increase its investment in "women's sports, player development, youth athlete engagement and the Chicago community."