The move comes after the company’s Q3 sales increased by eight per cent and saw an unexpected increase in comparable store sales.

Net income totalled $228M, or $2.45 a share, for the quarter ending 29 October, down from $317M, or $2.78 a share, in the year-ago period. Adjusted earnings per share came to $2.60, topping analysts’ estimates of $2.27.

“We delivered an exceptionally strong third quarter with our comps increasing 6.5 per cent and EBT margin of 10.3 per cent, which was over three times our 2019 non-GAAP rate,” said CEO Lauren Hobart. “Dick’s is a growth company, and our Q3 sales results are powerful evidence of our sustainable growth story. Because of our continued strong performance, quality of inventory and the confidence we have in our business, we are raising our full-year 2022 outlook.”