Dick's Sporting Goods shares gained nearly 26 percent Wednesday after it beat fiscal first-quarter expectations and hiked its full-year earnings forecast, easing concerns that restrictions it placed on gun purchases would hurt its sales.
The retailer reported $60.09 million in net income, or 59 cents per share, topping estimates of 45 cents per share from analysts polled by Thomson Reuters. The company had profit of 52 cents a share in the first quarter a year earlier. Sales reached $1.91 billion, up 4.6 percent from the year-ago quarter and above estimates of $1.88 billion.
Dick's increased its full-year forecast to between $2.92 and $3.12 per share, up from the previously anticipated $2.80 to $3.00 per share.