Dick's Sporting Goods rises after Q1 results beat

Shares of sportswear retailer Dick's Sporting Goods DKS.N up 5.8% at $184.30 in premarket trading

DKS, which plans to buy rival Footlocker FL.N for $2.4 billion, beats Q1 revenue and profit expectations and maintains annual forecasts on resilient fresh footwear and sports apparel demand at its stores

Q1 net sales rise to $3.17 billion, beating estimates of $3.13 billion, while adjusted earnings per share of $3.37 also beat estimates of $3.22 - LSEG

Joe Feldman, analyst at Telsey Advisory Group, notes strong performance from Dick's in a choppy retail environment, driven by a differentiated merchandise assortment with on-trend footwear brands and a strong private label apparel portfolio

Stock down 23% YTD, as of last close