Orlando, FL 5/15/12 (StreetBeat) -- Dick's Sporting Goods Inc. (NYSE: DKS) said Tuesday that its fiscal first-quarter net income rose 53 percent as online sales strengthened and demand rose at its Golf Galaxy and namesake stores.
The company, which sells sporting goods and other items, also lifted its earnings outlook for the year. Its stock climbed in premarket trading.
Dick's earned $57.2 million, or 45 cents per share, for the three months ended April 28. That's up from $37.5 million, or 30 cents per share, a year ago. Analysts surveyed by FactSet expected 38 cents per share.
Revenue rose 15 percent to $1.28 billion from $1.11 billion, beating Wall Street's estimate of $1.23 billion.
Shares of Dick's added $2.06, or 4.4 percent, to $49.30 before the market open.
Revenue at stores open at least a year increased 8.4 percent. This metric is a key gauge of a retailer's health because it excludes results from stores recently opened or closed. The metric rose 7.3 percent at Dick's Sporting Goods and 12.6 percent at Golf Galaxy locations.
Online sales increased 33.4 percent.
Looking ahead, the company now expects full-year earnings of $2.45 to $2.48 per share. Its previous forecast called for earnings of $2.38 to $2.41 per share. Analysts predict earnings of $2.43 per share for the year ending in January 2013.
Dick's also anticipates that revenue at stores open at least a year will grow 3 to 4 percent, up from a 2 percent increase in fiscal 2011.
For the current quarter, which ends in July, the company expects earnings of 62 cents to 63 cents per share, matching Wall Street's estimate. Dick's predicts revenue at store open at least a year will grow 2 to 3 percent.
Dick's had 486 of its namesake stores and 81 Golf Galaxy stores in the U.S. at quarter's end. The company added six Dick's Sporting Goods stores during the first quarter and intends to add four more stores in the current quarter.
The company, which is based in Pittsburgh, also said it would pay a 12.5-cent quarterly dividend on June 29 to shareholders of record on June 1.
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