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Dick's Sporting Goods Rises After Boosting Full-Year Outlook

Following the decision to sharply scale back the sale of guns, the sportswear retailer's strong results have signalled its ability to compensate.
Dick's Sporting Goods | Source: Shutterstock
By
  • Bloomberg

CORAOPOLIS, Pennsylvania — Dick's Sporting Goods Inc jumped in premarket trading after raising its full-year earnings guidance, saying its strategies and investments are paying off.

The new forecast for earnings per share is a range of $3.20 to $3.40, up from $3.15 to $3.35, the US retailer said. Analysts anticipated $3.27, on average. First-quarter earnings also topped predictions.

The strong results and improved guidance signal that Dick’s is able to compensate for the lack of gun sales, which the retailer decided to scale back sharply after last year’s school shooting in Parkland, Florida. Chief executive Ed Stack had said he was prepared to absorb a revenue hit on the move.

E-commerce was a standout last quarter, with sales up 15 percent as the total percentage of sales online ticked up. The brick-and-mortar store count was largely static, with one Golf Galaxy store opened, one Dick’s store relocated and two Dick’s stores closed.

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The shares gained as much as 7.7 percent in premarket trading Wednesday.

By John J. Edwards III; editors: Nick Turner, Cécile Daurat.

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