Dick’s Sporting GoodsWall Street was pleasantly surprised Wednesday by the results of its fiscal first quarter. Shoppers spent more money on sports apparel, such as golf clubs and soccer equipment, than expected. NikeAdidas.

Dick’s doesn’t escape skyrocketing inflation or ongoing supply chain problems. For the entire fiscal year, Dick’s cut its financial projections.

Dick’s anticipates earning between $9.15 to $11.70 per share on an adjusted basis this fiscal year. a prior range of $11.70 to $13.10. Based on Refinitiv estimates analysts were expecting adjusted earnings pershare of $12.56.

Dick’s predicts that same-store sales will fall 8% to 2%, as opposed to previous expectations which were flat to flat at 4%. According to FactSet, analysts expected a decline in sales year over year of 2.5%.

After similar adjustments, the company decided to reduce its guidance. Walmart, Target Kohl’sAs these retailers face higher costs that are eating into their earnings, they will be able to survive. The shares of apparel retailers Abercrombie & FitchClose to 30% fell Tuesday as the company cut its outlook for the coming year.

Lauren Hobart, Dick’s Chief Executive Officer and President Lauren Hobart stated in a press release she is confident that the company can “adapt quickly” to uncertain macroeconomic conditions.

This is how Dick’s got in. its fiscal first quarterCompare this to what Wall Street had in mind using Refinitiv estimates

• Earnings per share: $2.85 adjusted vs. $2.48 expected
• RevenueEstimated Value: $2.7 Billion, versus $2.59Billion

Dick’s net income was $260.6million for the period ending April 30, or $2.47 per shares, as compared to a net income of $3.41 per share ($361.8 million) a year ago. The company made $2.85 per shared, excluding one-time expenses.

Although sales fell by 8% from $2.92billion a year ago, they exceeded expectations.

Dick’s stock has fallen 38% over the past year, according to Tuesday’s close of the market.

This is a developing story. Keep checking back for more updates.