KSS Kohls Corporation

Dick's Sporting Goods Inc. on Tuesday lifted its earnings forecast for the year as it reported a surprise rise in profit and same-store sales in the latest quarter.

The results come after the sporting-goods retailer in May had offered a bleak view for the year as it contended with closeout sales, with rival Sports Authority Inc. liquidating its stores throughout the summer. It appears those effects had less of an impact than expected, and shares of Dick's rose 5.7% to $58 in premarket trading.

Pittsburgh-based Dick's better-than-expected results comes as retailers such as Macy's Inc. and Kohl's Corp. in recent weeks have posted declining sales as consumers have been shifting their spending from brick-and-mortar retailers to online shopping.

Dick's said online shopping made up 8.5% of total sales during the three months that ended in July, compared with 7.3% in the year-ago quarter. And Dick's has sought to take advantage of a retail environment that has favored sporty clothes more than sporting gear, with executives outlining plans last year to expand the chain's casual-sportswear lines.

Sales at existing stores rose 2.8% in the July period. The company projected same-store sales to decline between 1% and 4%.

Overall, Dick's posted a profit of $91.4 million, or 82 cents a share, compared with $90.8 million, or 77 cents, a year earlier. The company had guided for earnings between 62 cents and 72 cents a share.

Revenue climbed 7.9% to $1.97 billion. Analysts were looking for $1.88 billion, according to a survey by Thomson Reuters.

For the current quarter, the company said it anticipates earnings of 39 cents to 42 cents a share, above analysts' projections for 38 cents a share. Same-store sales are expected to rise between 2% to 3%. For the full year, the company now sees earnings between $2.90 and $3.05 a share, compared with a prior range of $2.60 to $2.90.

Last week, Dick's said Teri List-Stoll is no longer its finance chief, and that chief operating officer André Hawaux will fill the role on an interim basis until a successor is found. The company made the announcement in a regulatory filing and didn't provide any further details about Ms. List-Stoll's departure or its timing, just ahead of its second-quarter earnings release.

Write to Joshua Jamerson at joshua.jamerson@wsj.com

(END) Dow Jones Newswires

August 16, 2016 09:05 ET (13:05 GMT)

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