Dick’s Sporting Goods Inc. stock
DKS,
rose 2.9% in premarket trades Tuesday after the retailer reported first-quarter sales and earnings that were above analysts’ expectations. The company reported net income of $305 million, compared with net income of $261 million in the same period last year. First-quarter EPS was $3.40, compared with $2.47 in the prior year’s quarter and above the FactSet consensus of $3.18. First-quarter sales were $2.842 billion, up from $2.7 billion in the same period last year. Analysts surveyed by FactSet were looking for sales of $2.799 billion. Same-store sales grew 3.4%, in line with the FactSet consensus. “Even as consumers face macroeconomic uncertainties, our athletes have continued to prioritize sport and rely on DICK’S to meet their needs, and we continue to gain market share,” said Dick’s Sporting Goods CEO Lauren Hobart, in a statement. “Our Q1 sales grew 5.3%, driven by strong comps and healthy transaction growth, and we delivered another strong double-digit EBT margin.” The company also reaffirmed its full year EPS outlook of $12.90 to $13.80 and still expects same-store sales to be flat to up 2%.
