Shares of Dick’s Sporting Goods Inc. surged 7.4% in premarket trading Wednesday, after the sporting goods retailer reported fiscal first-quarter profit and sales that beat expectations, prompting the company to raise its full-year outlook.
Net income for the quarter to May 4 fell to $275.3 million, or $3.30 a share, from $304.6 million, or $3.40 a share, in the same period a year ago. That was well above the FactSet consensus of $2.96. Sales grew 6.2% to $3.02 billion, above the FactSet consensus of $2.94 billion, as same-store sales rose 5.3% to beat expectations of 2.4% growth.
“Because of our strong Q1 performance, our expectations for continued robust demand from athletes and the confidence we have in our business, we are raising our full year outlook,” said Chief Executive Lauren Hobart.
The company raised its guidance ranges for EPS to $13.35 to $13.75 from $12.85 to $13.25 and for same-store sales growth to 2% to 3% from 1% to 2%.
The stock has soared 32.7% year to date through Tuesday while the S&P 500 has gained 11.2%.
