Dick’s Sporting Goods stock after significant earnings growth and guidance increase

Shares of Dick’s Sporting Goods rose after the sporting goods retailer beat quarterly earnings estimates and improved its outlook.

For the fiscal first quarter ended May 4, Dick’s earnings were $3.30 per share, topping Wall Street’s demand of $2.96, according to FactSet.

Net sales of $3.02 billion exceeded consensus…

Shares of Dick’s Sporting Goods rose after the sporting goods retailer beat quarterly earnings estimates and improved its outlook.

For the fiscal first quarter ended May 4, Dick’s earnings were $3.30 per share, topping Wall Street’s demand of $2.96, according to FactSet.

Net sales of $3.02 billion topped the consensus estimate of $2.94 billion. Comparable store sales increased 5.3% year-over-year, driven by an increase in transaction volume and average consumer spending.

“Due to our strong performance in the first quarter, our expectation of continued strong demand from athletes and the confidence we have in our business, we are raising our outlook for the full year,” CEO Lauren Hobart said in the earnings release.

The company now calls for fiscal year earnings per share of $13.35-$13.75, up from the previous guidance of $12.85-$13.25. It also now expects comparable store sales to increase 2% to 3%, up from its previously expected 1% to 2%. Analysts expected earnings of $13.31.

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Dick’s shares jumped 7.2% to $208.96 in pre-market trading Wednesday as futures followed the trend

S&P500

decreased by 0.6%.

Write to Emily Dattilo at [email protected]