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Dick's Sporting Goods Jumps on Raised Guidance, Quarterly Beat

Dick's Sporting Goods jumps after the retailer reported a blowout first quarter and raised full-year guidance.
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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. 

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"[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. 

Read More: Dick's Sporting Goods to Offer High-End Sports Experiences

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. 

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