Dick's Sporting Goods (DKS) - Get Report posted better-than-expected first-quarter earnings but issued downbeat guidance for the second quarter.

The Pittsburgh-based athletic wear seller posted earnings of 50 cents a share for the quarter ended April 30. 

The figure compares with a consensus forecast of 49 cents a share, and falls in the upper end of the company's own guidance of 48 cents to 50 cents a share issued on March 8.

Net sales for the first quarter of 2016 increased 6.1% to about $1.7 billion, compared to analysts' projections of $1.63 billion.

A year earlier, Dick's posted a profit of 53 cents a share on revenue of $1.57 billion.

Same-store sales for Dick's Sporting Goods increased 0.4% in the first quarter, while Golf Galaxy increased 1.7%. First-quarter 2015 consolidated same store sales advanced 1.0%.

Edward W. Stack, Dick's Sporting Goods' chairman and CEO, said the company is pleased with the results "in a challenging retail environment," and has adjusted its outlook to reflect expected near-term liquidation activity in the sector.

For the second quarter, Dick's said it anticipates earnings of 62 cents to 72 cents a share, down from year-earlier earnings of 77 cents. Analysts forecast second-quarter earnings of 78 cents a share.

The retailer said it sees same-store sales in the second quarter of between negative 4% and negative 1%.

As for the full year ahead, the company said it expects to report consolidated earnings per share in the range of $2.60 to $2.90. The fiscal 2016 figure takes into account the expectation of up to $200 million in share buybacks this year, the company said.

The company said the guidance take into account expected liquidation activity in the market.

Shares were rising slightly in premarket trading Thursday to $38.14.