Shares of Dick's Sporting Goods Inc. (DKS) - Get Dick's Sporting Goods, Inc. Report jumped Wednesday after the retailer reported first-quarter results that topped analyst estimates and issued strong guidance.
The Pittsburgh company swung to net income of $3.41 a share from a net loss of $1.71 in the year-earlier quarter. The latest figure was more than twice the consensus estimate of $1.26 a share derived from a survey of Wall Street analysts by FactSet.
In the quarter Dick's earned an adjusted $3.79 a share, triple the FactSet estimate of $1.19 a share.
Revenue of $2.92 billion exceeded the FactSet call of $2.23 billion.
For the year, the company expects adjusted earnings between $8 and $8.70 a share, up from its previous view between $4.40 and $5.20 per share. The latest estimate compares with the consensus analyst estimate of $5.46 a share.
Dick's also expects full-year revenue of $10.51 billion to $10.81 billion. Analysts are expecting revenue of $9.9 billion, according to FactSet.
"We are in a great lane right now, and 2021 will be our boldest and most transformational year," Executive Chairman Ed Stack said in a statement.
"[The] future of retail is experiential, powered by technology and a world-class omnichannel operating model."
Shares of Dick's at last check jumped 8.1% to $90.95.
The company says the strength of its diverse category portfolio, supply chain, technology capabilities and omnichannel execution helped its quarterly performance and outlook.
Dick's also benefitted from the post-pandemic reopening as kids were allowed to return to sports about a year after activities were canceled due to COVID.
Separately, Dick's declared a quarterly dividend of $0.3625 a share, payable June 25 to holders of record June 11.