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 said an "excellent" back-to-school season pushed the retailer to raise its 2024 outlook. The sporting goods chain said Tuesday that Q3 revenues were $3.06 billion, up 0.5 percent from the same quarter last year and ahead of the $3.