Dick’s Sporting Goods 1Q results top Street, raises outlook
CORAOPOLIS, Pa. (AP) — Dick’s Sporting Goods’ fiscal first-quarter performance topped Wall Street’s view, bolstered partly by strong online sales. The sporting goods retailer also boosted its full-year earnings outlook.
Shares surged more than 24 percent before the market open on Wednesday.
For the period ended May 5, Dick’s Sporting Goods Inc. earned $60.1 million, or 59 cents per share. A year earlier the Coraopolis, Pennsylvania-based company earned $58.2 million, or 52 cents per share.
The results easily beat the 42 cents per share that analysts surveyed by Zacks Investment Research were calling for.
Revenue increased to $1.91 billion from $1.83 billion, topping the $1.88 billion that Wall Street expected. Online sales jumped 24 percent.
Chairman and CEO Edward Stack said in a written statement that new products, strength in private brands and a leaner product assortment led to a healthier business.
Dick’s now foresees full-year earnings between $2.92 and $3.12 per share. Its prior guidance was for earnings in a range of $2.80 to $3 per share. Analysts surveyed by FactSet predict earnings of $2.92 per share.
Portions of this story were generated by Automated Insights (http://automatedinsights.com/ap) using data from Zacks Investment Research. Access a Zacks stock report on DKS at https://www.zacks.com/ap/DKS