Dick’s Sporting Goods (NYSE:DKS) shares rose on Wednesday after the retailer reported sales growth of 21% in the fiscal second quarter and raised its outlook for the year.
The big-box retailer’s sales have soared during the pandemic, as customers have bought workout clothes, sneakers, golf clubs and other outdoor equipment. Sales in the second quarter were 45% higher than the second quarter of 2019.
Net income rose nearly 80% to $495.5 million, or $4.53 share, from $276.8 million, or $3.12 per share, a year earlier.
Excluding items, it earned $5.08 per share, far higher than the $1.85 per share expected by analysts.
Net sales rose to $3.27 billion from $2.71 billion a year earlier, outpacing estimates of $2.85 billion.
Same-store sales, which track sales at stores open for at least 12 months, were up 19.2% in the second quarter.
Dick’s Executive Chairman Ed Stack, who was formerly CEO, said the retailer is investing “to reimagine the athlete experience in our core business and with new concepts.”
“We said 2021 was going to be the most transformational year in our history, and so far, it certainly has been,” he said in a press release.
The company now expects its full-year earnings to range from $11.00 and 11.45 per share and its full-year adjusted earnings to be between $12.45 and $12.95 per share.
DKS shares hurtled $19.26, or 16.8%to $133.65.