Dick's Sporting Goods beat profit and sales estimates, but shares lost ground on concerns about growing inventory levels.

Dick’s Sporting Goods Inc.’s beat estimates for the third quarter and raised its guidance, boosted by a strong back-to-school season. The Pittsburgh-based company posted net income of $228 million, or $2.75 a share, for the quarter, down from $240 million, or $2.39 a share, in the year-earlier period.

Dick’s Sporting Goods posted cautious guidance earlier this year as it braced for the 2024 election, but it now expects sales to be better than expected.