Shares of Dick's Sporting Goods (NYSE:DKS) popped today after the company reported results for its first-quarter 2021 period ended May 1. As of 2:50 p.m. EDT, Dick's shares were up 16.2% compared to Tuesday's closing price.
Dick's reported net sales soared 119% versus the prior-year period and even increased 52% compared to Q1 2019 -- a period when there were no pandemic-related impacts. Revenue of $2.92 billion beat analyst expectations of $2.18 billion, according to Refinitiv. The company also trounced bottom-line estimates with adjusted earnings of $3.79 per diluted share.
The results prompted the retailer to revise fiscal 2021 earnings expectations to a midpoint of $7.37 per share from previous guidance of just $4.18 per share. Management said the return of youth sports helped to drive the strong results.
Dick's said that results were positively impacted from growth in physical store sales as well as e-commerce channels. E-commerce sales have grown from 13% of total net sales in Q1 2019 to 20% for Q1 2021.
Ed Stack, executive chairman and chief merchandising officer, said in a statement:
We are in a great lane right now, and 2021 will be our boldest and most transformational year in the company's history. We believe the future of retail is experiential, powered by technology and a world-class omni-channel operating model.
Dick's also announced today that it plans to repurchase a minimum of $200 million, or over 2.2%, of its common shares in 2021. Investors are cheering all the good news the company reported today.