Dick’s Sporting Goods Inc. reported sales that surpassed analysts’ expectations, spurred by strong demand for sports gear.

Comparable-store sales, a key retail metric, rose 2.8 percent for the quarter ended Feb. 3, much higher than the 0.8 percent predicted by Wall Street.

The retailer issued an outlook for this fiscal year that fell in line with estimates. Management expects comparable-store sales to rise 1 percent to 2 percent for the full year, with earnings in the range of $12.85 to $13.25 a share.

Chief executive officer Lauren Hobart has been streamlining operations and cutting costs at Dick’s after a period of aggressive store expansion, adding more square footage and experiential spaces in its retail network.

Shares rose as much as 5.5 percent in premarket trading in New York on Thursday. The stock is up nearly 28 percent this year through Wednesday’s close, outpacing the 8 percent rise of the S&P MidCap 400 consumer-discretionary index.

By Kim Bhasin

Learn more:

Dick’s Sporting Goods Claims Retail Theft Lowered Profits

The surge in retail theft since the Covid-19 pandemic has spread from pharmacies like CVS and Walgreens to big-box stores like Target, and now to sporting retailer Dick’s Sporting Goods.