Dick's Sporting 1st quarter beats market expectations

Dick's Sporting Goods Inc reported quarterly results that comfortably beat Wall Street estimates, helped by stronger sales at its online business and Golf Galaxy stores.

Photo: Dick's Sporting Goods

The largest publicly traded U.S. sporting goods retailer, also raised its full-year earnings per share outlook to $2.45 to $2.48 from $2.38 to 2.41. Analysts on average expected earnings of $2.43 per share, according to Thomson Reuters I/B/E/S.

First-quarter net income rose to $57.2 million, or 45 cents per share, compared with $37.5 million, or 30 cents a share, a year ago.

Net sales rose 15 percent to $1.3 billion, with same-store sales - or those at stores open at least a year - increasing 8.4 percent.

Analysts were expecting earnings of 38 cents per share on revenue of $1.23 billion.

Same-store sales at Golf Galaxy stores rose 12.6 percent, while eCommerce sales jumped 33.4 percent.

Shares of Pittsburgh-based Dick's closed at $47.24 on Monday on the New York Stock Exchange.

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