The Sports Authority Boosts Outlook

Shares jump 7.7% on the news.
Publish date:

Shares of

The Sports Authority


were moving up after the company boosted its third-quarter outlook.

In the quarter ending Nov. 1, the company foresees earnings of 13 cents to 15 cents a share. The company previously expected to earn 3 cents to 5 cents a share. Sales are seen at $550 million, with comparable-store sales up 1% to 2%.

Analysts are calling for earnings of 4 cents a share on sales of $532.5 million. The company earned 11 cents a share in the year-ago quarter.

For fiscal 2003, the Colorado-based company now expects to earn $1.98 to $2.03 a share. Analysts are expecting $1.88 a share on revenue of $1.75 billion. The company earned $1.86 a share in the prior year.

"Our strong results for the third quarter thus far have been driven by a consistent positive comparable-store sales performance in both the former Gart Sports Company and Sports Authority stores," said Doug Morton, chief executive. "This performance reflects how well the merger integration process has gone to date."

Shares were up $2.71, or 7.7%, at $37.71 in midday trading Monday.