Dick’s Sporting Goods Inc. exceeded expectations for the first quarter.
For the period ended April 30, the retailer earned a net income of $37.5 million, or 30 cents a share, an increase of 43 percent from the $26.2 million, or 22 cents, earned in the same period a year ago.
Analysts were looking for earnings per share of 29 cents, as polled by Yahoo Finance.
Net sales for the quarter advanced 6 percent to $1.1 billion, on the back of broad-based increases in various segments. Revenue rose 1 percent at Dick’s Sporting Goods stores and 3 percent at Golf Galaxy, while the e-commerce business surged 25 percent.
“In the first quarter, we demonstrated our ability to effectively run our business and generate better-than-expected earnings, despite unfavorable weather conditions in many of our markets,” Edward Stack, the firm’s chairman and CEO, said in a statement.
“With several multiyear growth opportunities, a strong balance sheet and a talented team of associates, we are optimistic about the near- and long-term prospects of our business,” he added.
For the full year, Dick’s Sporting Goods said it expects to earn between $1.91 and $1.93 a share, representing a 27 percent to 29 percent increase over 2010.
The company ended the quarter with $533 million in cash and cash equivalents, up from $207 million a year ago.