Restricting gun sales not hurting Dick’s Sporting Goods

Restricting gun sales not hurting Dick’s Sporting Goods

CORAOPOLIS, Pa. — Dick’s Sporting Goods’ fiscal first-quarter performance topped Wall Street’s view, bolstered partly by strong online sales. The sporting goods retailer also boosted its full-year earnings outlook. Shares surged more than 24 percent before the market open on Wednesday. Dick’s made headlines in February when, in the aftermath of the massacre at Marjory Stoneman Douglas High School, it banned the sale of assault-style rifles and the sale of all guns to anyone under 21 . For the period ended May 5, Dick’s Sporting Goods Inc. earned $60.1 million, or 59 cents per share. A year earlier the Coraopolis, Pennsylvania-based company earned $58.2 million, or 52 cents per share. The results easily beat the 42 cents per share that analysts surveyed by Zacks Investment Research were calling for. Revenue increased to $1.91 billion from $1.83 billion, topping the $1.88 billion that Wall Street expected. Online sales jumped 24 percent. Chairman and CEO Edward Stack said in a written statement that new products, strength in private brands and a leaner product assortment led to a healthier business. Dick’s now foresees full-year earnings between $2.92 and $3.12 per share. Its prior guidance was for earnings in a range of $2.80 to $3 per share. Analysts surveyed by FactSet predict earnings of $2.92 per share.

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