What happened 

Shares of Dick's Sporting Goods, Inc. (NYSE:DKS) jumped 20.4% in November, according to data provided by S&P Global Market Intelligence, after the retailer reported better-than-expected earnings. 

So what 

Third-quarter revenue was up 7.2% to $1.94 billion and earnings per share fell 20.5% to $0.35, but all that really mattered was that earnings beat management's guidance of $0.22 to $0.30. Full-year guidance was also increased slightly to $2.95 to $3.07 per share. 

Sports equipment in a pile on the floor.

Image source: Getty Images.

What's probably more notable long term is that growth was driven by store expansion, not increased sales at existing stores. In fact, same-store sales were down 0.9%, which is normally seen as a very negative sign in retail. But investors are looking past that with Dick's Sporting Goods' stock. 

Now what 

Dick's is in a strange spot on the market, facing an uphill battle against online retailers and seeing same-store sales shrink. But shares are pretty cheap at less than 10 times earnings, so investors see value when there's even the slightest bit of good news. I don't think Dick's is going to be in trouble anytime soon, but without any growth, it's hard to see a reason to get too bullish, despite the big pop last month. 

Travis Hoium has no position in any of the stocks mentioned. The Motley Fool has no position in any of the stocks mentioned. The Motley Fool has a disclosure policy.