Dick’s Sporting Goods shares jumped more than 6% in premarket trade, after the retailer’s first-quarter earnings blew past estimates and it raised its full-year guidance.
Pittsburgh-based Dick’s said it had net income of $57.5 million, or 61 cents a share, in the quarter, compared with $60.1 million, or 59 cents a share, in the year-earlier period. Adjusted per-share earnings came to 62 cents, ahead of the FactSet consensus of 58 cents.
Sales rose 0.6% to $1.92 billion, also ahead of the $1.90 billion FactSet consensus. Same-store sales were flat, compared with a FactSet consensus for a decline of 1.3%.
“Same store sales turned positive in March and remained positive in April, as we started to see the benefits of our key strategies and investments,” chief executive Edward W. Stack said. “We are very enthusiastic about our business and are pleased to increase our full year earnings outlook.”
The company is now expecting full-year EPS of $3.20 to $3.40, up from prior guidance of $3.15 to $3.35. It expects same-store sales to be positive to up 2%. The company is planning to open seven new Dick’s Sporting Goods stores and to relocate three others in 2019. It expects to open two new Golf Galaxy stores and to relocate on other. Shares have gained 17.4% in the last 12 months, while the S&P 500 has gained 4.2%.