UPDATE: Dick's Sporting Goods Beats Q4 Estimates, Shares Gain

Shares of Dick's Sporting Goods Inc DKS surged over 2% in pre-market trading after the company reported upbeat results for the fiscal fourth quarter. However, the company issued a weak outlook for the first quarter. The Coraopolis, Pennsylvania-based company posted a quarterly profit of $155.5 million, or $1.30 per share, versus a year-ago profit of $138.6 million, or $1.11 per share. Its total sales climbed 10.9% to $2.16 billion. However, analysts were expecting earnings of $1.22 per share on revenue of $2.12 billion. Its same-store sales gained 3.4% in the quarter. Same store sales for DICK'S Sporting Goods rose 3.8% in the quarter, while Golf Galaxy same-store sales dropped 7.1%. The company opened 6 new DICK'S Sporting Goods stores and closed 2 Golf Galaxy stores in the fourth quarter. Dick's ended fiscal 2014 with around $222 million in cash and cash equivalents, versus $182 million at the end of fiscal 2013. Edward W. Stack, Chairman and Chief Executive Officer, "The strong performance validates the merchandising and space allocation strategies that we put into place during this past year. Our team also successfully navigated a heavily promotional environment while exceeding our top line and bottom line targets, and our inventory is well-positioned as we head into 2015." For the first quarter, Dick's projects earnings of $0.49 to $0.53 per share on same-store sales of flat to up 2%. Analysts had expected earnings of $0.56 per share on same-store sales growth of 2.2%. Dick's shares gained 2.85% to $57.00 in pre-market trading.