Dick's Sporting Goods beat profit and sales estimates, but shares lost ground on concerns about growing inventory levels.

Dick’s Sporting Goods Inc. raised its full-year sales outlook after posting strong results in the back-to-school season ahead of the holidays, spurred by high demand for sports gear.

Dick’s Sporting Goods Inc.’s beat estimates for the third quarter and raised its guidance, boosted by a strong back-to-school season. The Pittsburgh-based company posted net income of $228 million, or $2.75 a share, for the quarter, down from $240 million, or $2.39 a share, in the year-earlier period.