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Dick’s Sporting Goods Surges After Boosting Annual Forecast

  • Retailer looks to benefit from demise of Sports Authority
  • CEO says athletic chain is focused on ‘displaced market share’
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Photographer: Randy Squires/Bloomberg
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Dick’s Sporting Goods Inc. jumped as much as 10 percent in early trading after boosting its annual forecast, a sign the chain will benefit from the demise of rival Sports Authority Inc.

The company now expects earnings of $2.90 to $3.05 a share, compared with a forecast of as much as $2.90 in May. Same-store sales -- a closely watched measure -- will gain 2 percent to 3 percent, Dick’s said in a statement Tuesday. It had previously said that the sales might decline 1 percent.