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

Dick’s Sporting Goods lifted its sales and earnings guidance for the year after the back-to-school season boosted comparable sales in the third quarter.

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.