Dick's Sporting Goods (NYSE:DKS) stock raced to rise around 10% in early deals after its first-quarter results impressed investors.
The retailer reported net sales of $3.02 billion for three months, marking a 6.2% improvement from the same period last year. It noted that ‘comparable sales’ were up 5.3%.
It highlighted that the performance was driven by higher transaction volumes and improved average ticket sizes.
In terms of net income, the first quarter reduced to $275.3 million compared to $304.6 million a year ago.
Earnings per share amounted to $3.30 for the quarter, which was up 4% year-over-year, which the retailer noted its earnings margin stood at 11.3% in the quarter.
Wall Street forecasts had anticipated earnings at $2.96 per share.
"Our strong first quarter results continue to prove that Dick’s is the go-to destination for sport and sport culture in the US," executive chair Ed Stack said in a statement.
"The product pipeline from our key brand partners and our vertical brand portfolio has never been better."
Chief executive Lauren Hobart, meanwhile, added: "We are incredibly proud of our first quarter results … we drove continued momentum in our business.
“Because of our strong Q1 performance, our expectations for continued robust demand from athletes, and the confidence we have in our business, we are raising our full-year outlook."
Looking to the full year, Dick’s now projects comparable sales growth between 2% and 3%, from 1% to 2%, and it now expects full year earnings to come in at $13.35 to $13.75 per share, lifted from prior guidance of $12.85 to $13.25.
In New York, Dick’s Sporting Goods shares were up $18.50 or 9.49% changing hands at $213.50.