Dick's Sporting Goods is surging on strong first-quarter earnings.
The retailer raised its earnings-per-share guidance for the fiscal year.
Dick's Sporting Goods is surging, up 21.23% early Wednesday, after reporting solid first-quarter earnings and guidance.
The sporting-goods retailer earned an adjusted $0.54 per share, beating the Bloomberg consensus of $0.44. Revenue was $1.91 billion, which beat estimates of $1.88 billion. E-commerce sales increased 24% year-over-year.
"Our strong first quarter earnings reflect improved execution against our merchandising strategy, which resulted in higher merchandise margins," Chairman and CEO Edward W. Stack said in the earnings press release. "Product newness, strength in our private brands and a more refined assortment led to a much healthier business, with fewer promotions and cleaner inventory throughout the quarter."
Dick's sees 2018 full-year earnings-per-share of between $2.92 and $3.12, well ahead of its previous outlook for $2.80 to $3.00. The retailer expects to open 19 new stores over the course of the year.
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