Dicks Sporting Goods reported EPS of $0.82 and revenues of $2 billion.
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The results come after the sporting-goods retailer in May had offered a bleak view for the year as it contended with closeout sales, with rival Sports Authority Inc. liquidating its stores throughout the summer.
Dick’s rose as high as $59.82 in premarket trading.
Pittsburgh-based Dick’s better-than-expected results comes as retailers such as Macy’s Inc. and Kohl’s Corp.in recent weeks have posted declining sales as consumers have been shifting their spending from brick-and-mortar retailers to online shopping. Analysts had expected the company to report a 2.2 percent decline in that metric, according to FactSet, due to clearance sales at the bankrupt Sports Authority chain.
Net sales for the second quarter increased 7.9 percent to about $2 billion.
-EPS (Q2): $0.82 vs. $0.77 past year. Company management expected FY16 comparable same store sales to be up 2-3 percent.
The company now anticipates reporting consolidated earnings per share in the range of $0.39 to 0.42 in the third quarter of 2016, excluding costs it expects to incur to convert former TSA stores to DICK’S Sporting Goods stores.
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Dick’s anticipates that current-quarter earnings will be between 39 cents and 42 cents per share, while analysts are looking for 38 cents per share. Revenue totaled $1.97 billion, up from $1.82 billion previous year and beating the FactSet consensus of $1.88 billion. Consolidated same store sales are now expected to increase approximately 2 to 3%.
