Dick’s Sporting Jumps as Retailer Forecasts Stronger Sales This Year By Investing.com

By Dhirendra Tripathi

Investing – Shares of Dick’s Sporting Goods (NYSE:DKS) rose more than 8% in Wednesday’s premarket after the company raised its guidance and posted record quarterly earnings.

A $200-million repurchase plan for 2021 was just an added lubricant in today’s trade.

The sporting goods retailer has now guided for net sales of $10.51 billion to $10.80 billion this year, up from the $9.54 billion to $9.93 billion range it gave in March.

Earnings per diluted share are seen at $7.05 to $7.68, more than the $3.81 to $4.55 range it forecast earlier.

Net sales for the first quarter of 2021 were $2.92 billion, an increase of 119% compared to the first quarter of 2020. They were 52% higher than the levels of the 2019 quarter, a pre-pandemic period.

Same-store sales, a crucial benchmark given that this compares sales of stores that existed last year as well and ignores new store additions, more than doubled. They rose 115%, including the 14% increase in ecommerce sales.