Shares of sports retail chain Dick's Sporting Goods (DKS) slipped on Wednesday despite quarterly net income and sales figures that handily beat analysts' forecasts and a boost to its full-year guidance.
Shares of Dick's were down 0.14% at $35.72 in early trading on the New York Stock Exchange after the company posted fiscal first-quarter net income $57.5 million, or 61 cents a share, vs. $60.1 million, or 59 cents a share, in the comparable year-ago period.
On a non-GAAP basis, the company said it earned $58.4 million, or 62 cents a share. Analysts polled by FactSet had been expecting per-share earnings of 58 cents.
Net sales for the first quarter rose to $1.92 billion from $1.91 billion a year earlier. Consolidated same-store sales were flat vs. a 2.55% drop in the year-earlier quarter.
"Same-store sales turned positive in March and remained positive in April, as we started to see the benefits of our key strategies and investments," Dick's CEO Edward Stack said in a statement. "We are very enthusiastic about our business and are pleased to increase our full-year earnings outlook."
The company now anticipates fiscal-year per-share earnings of between $3.20 and $3.40. Analysts polled by FactSet are currently forecasting $3.26 a share.
Consolidated same-store sales are expected to be slightly positive to an increase of 2%, compared with a 3.1% decrease in 2018, the company said.