Dick's Sporting Goods might not be on great terms with gun makers right now, but that's not hurting the brand much. The Pittsburgh-based sporting goods retailer reported earnings Wednesday that exceeded expectations, and investors sent its share price soaring as a result.
For the first quarter, Dick's generated a 4.6 percent increase in net sales over the year-earlier period to $1.9 billion; net income for the quarter was $60.1 million. Though comparable store sales declined 2.5 percent—impacted by a "continued deceleration in hunt and electronics" and colder spring weather—the chain upped its full-year guidance. On a Wednesday morning conference call, executives said that marketing, highlighting Dick's omni-channel prowess and private-label brands, continues to be a "major priority."
Following the mass shooting at a Parkland, Florida, high school, Dick's said in February that it would no longer sell assault-style rifles. Earlier this month, gunmaker O.F. Mossberg & Sons cut all business ties with the retailer as a result.