Dick's Sporting Goods Inc (NYSE:DKS) reported better-than-expected first-quarter FY24 earnings and raised the outlook on Wednesday.

The company reported first-quarter FY24 sales growth of 6.2% year-on-year to $3.02 billion, beating the analyst consensus estimate of $2.94 billion, according to data from Benzinga Pro.

Comparable store sales increased 5.3% versus a 3.6% growth a year ago. Adjusted EPS of $3.30 beat the analyst consensus estimate of $2.95.

The company’s Board of Directors declared a quarterly dividend of $1.10 per share, payable in cash on June 28 to stockholders of record on June 14.

Dick’s Sporting Goods raised FY24 EPS outlook from $12.85 – $13.25 to $13.35 – $13.75 versus the consensus of $13.25. The company also raised FY24 net sales guidance from $13 billion – $13.13 billion to $13.1 billion – $13.2 billion, against an estimate of $13.16 billion.

The company raised its guidance for comparable sales growth to a range of 2.0% to 3.0%, up from 1.0% to 2.0% previously.

Dick's Sporting Goods shares rose 24.3% to close at $189.45 on Wednesday.

These analysts made changes to their price targets on Dick's Sporting Goods after the company reported quarterly results.

• Baird boosted the price target on Dick's Sporting Goods from $225 to $235. Baird analyst Justin Kleber maintained a Neutral rating.
• Morgan Stanley increased Dick's Sporting Goods price target from $235 to $245. Morgan Stanley analyst Simeon Gutman maintained an Overweight rating on the stock.

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