Dick’s Sporting Goods Inc. (NYSE: DKS) reported first-quarter 2016 results before markets opened Thursday. The sporting goods retailer reported diluted earnings per share (EPS) of $0.50 on revenues of $1.66 billion. In the same period a year ago, the company reported EPS of $0.53 on revenue of $1.57 billion. First-quarter results also compare to the Thomson Reuters consensus estimates for EPS of $0.49 and $1.63 billion in revenue.

Same-store sales for the first quarter rose 0.5%%, with sales at Dick’s Sporting Goods stores up 0.4% and sales at Golf Galaxy stores up 1.7%. Online sales accounted for 9.2% of total sales in the quarter, up from 8.5% in the year-ago quarter.

Dick’s expects to report consolidated diluted EPS for the 2016 fiscal year in a range of $2.60 to $2.90. At the end of the fourth quarter, the company had projected EPS in a range of $2.85 to $3.00. The company also lowered its forecast for same-store sales from a prior range of flat to up 2% to a new range of -1% to up 1%.

For the second quarter, the company is forecasting EPS of $0.62 to $0.72 and same-store sales of −4% to −1%.

Analysts were expecting second-quarter EPS of $0.78 and full-year EPS of $2.95.

CEO Edward W. Stack said:

The consolidation that is occurring among sporting goods retailers is creating a unique time in the industry. Given the expected near-term liquidation activity in the market, we have adjusted our guidance to contemplate this dynamic. Over the longer term, we remain confident in our ability to aggressively capture displaced market share and to strengthen our leadership position.

On Wednesday, a trio of liquidation specialists reportedly won the auction for bankrupt Sports Authority. Dick’s competed, but apparently was interested in acquiring only 30 of the company’s 450 stores. Bargain prices on sporting goods are imminent, and Stack is saying that it will be tough to compete.

Dick’s shares traded up more than 10% Thursday morning, at $42.13 in a 52-week range of $33.42 to $54.48. Thomson Reuters had a consensus analyst price target of $49.20 before the announced results.

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