Dick’s Sporting Goods reports first quarter 2019 earnings beat

Shares of Dick’s Sporting Goods jumped Wednesday after the company reported quarterly earnings that topped analysts’ estimates and raised its full-year outlook.

The sporting goods retailer’s stock was up as much as 6.2% in premarket trading on the news, having climbed about 18% over the past 12 months.

Dick’s reported adjusted earnings of 62 cents a share for its fiscal first quarter on revenues of $1.92 billion. That was ahead of expectations for earnings per share of 58 cents on sales of $1.9 billion, based on a survey of analysts by Refnitiv.

For the year, Dick’s says it now expects to earn, on an adjusted basis, between $3.20 and $3.40 a share, up from a previous range of $3.15 to $3.35.

CEO Ed Stack said same-store sales at Dick’s “turned positive in March and remained positive in April, as we started to see the benefits of our key strategies and investments.” Overall, for the quarter, same-store sales were flat, compared with a drop of 2.5% during the same period a year ago.

Online sales were up 15% during the first quarter, the company said.

This is a developing story. Please check back for updates.