Future forecast brighter for Dick after 1Q profit boosts shares by 53%
The sporting goods company Dick’s Sporting Goods Inc posted their net income for the first quarter which showed a 53% rise. This was mainly brought in by stronger online sales and increased demand in their namesake and Golf Galaxy stores.
This increase in revenue has influenced a brighter forecast for this year, leading to premarket trading stock climbing up.
Dick’s per share value increased by 45 cents and the company gained $57.2 million in earnings for the quarterly period ending April 28th. Last year their share value was 30 cents which was $37.5 million. The increase in revenue was pegged at 15% with the company earning $1.28 billion, last year it was $1.11 billion). Wall Street had estimated an earning of $1.23 billion.
There was a 33.4 percent increase in the company’s online sales. Future prospects include full year earnings for the company with the per share value rising to $2.45 – $2.48.
Dick currently has 81 Golf Galaxy outlets and 486 namesake stores across US. This includes the 6 stores they opened in the first quarter and their future plans for the current quarter included opening 4 more outlets.