Dick's Sporting Goods adjusts its sales forecast, citing increased spending on athletic footwear and gear.

• Dick's Sporting Goods increased its full-year forecast following increased spending on new sneakers and athletic equipment by customers at its large retail locations.
• The company's comparable sales increased by 5.3%, surpassing the 2.4% growth forecasted by analysts.
• The apparel and footwear markets have been slow but are showing signs of revitalization.

On Wednesday, the retailer raised its full-year earnings guidance due to customers spending more on new sneakers and athletic gear.

Shares jumped about 7% in premarket trading.

During its fiscal first quarter, the big-box sports store experienced a 5.3% increase in comparable sales, surpassing the 2.4% growth predicted by analysts, as reported by StreetAccount.

Dick's reported growth due to increased transactions and higher average ticket values, indicating that more customers are shopping there and spending more per visit.

In its first fiscal quarter, Dick's performance exceeded Wall Street's expectations, as indicated by a survey of analysts by LSEG.

• Earnings per share: $3.30 vs. $2.95 expected
• Revenue: $3.02 billion vs. $2.94 billion expected

In the three-month period ending May 4, the company's net income was $275 million, or $3.30 per share, which is lower than the $305 million, or $3.40 per share, reported in the same period a year ago.

Sales increased by approximately 6% to $3.02 billion from $2.84 billion the previous year.

The strong quarter led Dick's to raise its full-year guidance.

The retailer has raised its earnings per share range to $13.35 to $13.75, surpassing the previous range of $12.85 to $13.25 and exceeding analysts' expectations of $13.25, as reported by LSEG.

Despite the retailer's first-quarter revenue exceeding expectations, CEO Lauren Hobart anticipates only moderate demand from athletes in the upcoming quarters, which aligns with the company's outlook.

Dick's sales growth is now predicted to be between 2% and 3%, which is higher than the previous guidance of 1% to 2%. However, the low end of this range is still only in line with the 2% growth that analysts had expected, according to StreetAccount.

According to LSEG, Dick's is anticipating full-year revenue to fall within the range of $13.1 billion to $13.2 billion, which is consistent with estimates of $13.16 billion.

A jolt for footwear and apparel

Despite inflation and high interest rates, consumers have reduced their spending on discretionary items such as new clothes and shoes. However, the apparel and footwear markets have shown some positive signs in the last couple of weeks.

Dick's performance suggests that consumers are willing to pay for new releases and other products from well-known brands such as Hoka, On Running, and , and are also spending on items that they may not necessarily require but are pleasant to have.

Last week, several retailers reported positive comparable sales, including , , and . Even mentioned that apparel sales were a bright spot in a dim quarter. Sales at increased by 21% due to demand for new Hoka sneakers and UGG boots, while even, which caters to lower-income consumers, saw sales grow about 7%, ahead of Wall Street's estimates.

The apparel and footwear markets are being affected by consumer health, and more information about this impact will be revealed later. Both companies will report earnings on Wednesday, while the other two will report on Thursday.

Read Dick's full earnings release here.

— Additional reporting by CNBC's Robert Hum