** Shares of sporting goods retailer Academy Sports and Outdoors ASO.O up ~3% at $52.98 premarket

** Company raises its annual profit forecast and beats first-quarter estimates, driven by rise in store traffic and average spend per transaction

** Expects annual adjusted EPS between $6.40 and $6.80, compared with its previous forecast of $6.10 to $6.60

** Sees annual net sales in the range of $6.23 bln to $6.36 bln, compared with previous forecast of $6.18 bln to $6.36 bln

** Q1 net sales of $1.44 bln beats analysts' estimate of $1.39 bln - data compiled by LSEG

** Q1 adjusted EPS of 93 cents also above estimate of 91 cents

** "We expect inflationary pressures to continue impacting consumer spending for the remainder of the year" - CEO Steve Lawrence

** As of last close, shares up 3% YTD