Dick’s impresses Wall Street as sales beat expectations

Dick's Sporting Goods (NYSE:DKS) traded 16% higher on Wednesday after impressing Wall Street with its first quarter financials.

The equipment and apparel retailer reported net sales of $3.02 billion for three month period, a 6% improvement last year. It said the growth was driven by higher transaction volumes and improved average ticket sizes.

Revenue and earnings metrics came in ahead of Wall Street forecasts.

"Our strong first quarter results continue to prove that DICK’S is the go-to destination for sport and sport culture in the US," executive chair Ed Stack said in Dick’s statement.

"The product pipeline from our key brand partners and our vertical brand portfolio has never been better."

Upgrading its guidance for the full year, Dick’s now sees sales growth between 2% and 3%, improved from 1% to 2%, and it now expects full-year earnings to come in at $13.35 to $13.75 per share, versus its previous guidance of $12.85 to $13.25.

Dick’s stock was up $31.86, 16.3%, to $226.67.