What happened 

Shares of Dick's Sporting Goods, Inc. (DKS -0.87%) 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.