Dick’s Sporting Goods (NYSE:DKS) reported Wednesday fiscal first-quarter earnings and revenue that topped analyst estimates, saying kids returning to team sports boosted sales.
Dick’s also raised its full-year financial outlook, citing building momentum.
Dick’s net income grew to $361.8 million, or $3.41 per share, from a loss of $143.4 million, or $1.71 per share, a year earlier. Excluding one-time adjustments, it earned $3.79 per share, well ahead of the $1.12 that analysts had expected.
Revenue grew 119% to $2.92 billion from $1.33 billion a year earlier, when Dick’s was forced to shut its stores for a period of time due to the pandemic. That beat estimates for $2.18 billion. On a two-year basis, sales were up 52%.
CEO Lauren Hobart said it saw a resurgence in its team sports business during the quarter, as kids returned to activities following a year when many youth sports were canceled. The company also saw heightened demand in the golf category.
Same-store sales surged 115% year over year, the company said, which included e-commerce growth of 14%.
Digital sales accounted for 20% of total sales, up from 13% in 2019.
Dick’s now expects adjusted earnings in fiscal 2021 to be in a range of $8.00 to $8.70 per share, with sales of $10.5 billion to $10.8 billion. Analysts had been looking for the company to earn $5.32 per share, after adjustments, on sales of $9.8 billion.
DKS shares leaped $10.28, or 12.2%, to $94.60.