NEW YORK — Shares of Sports Authority Inc. reached a 52-week high in midday trading Monday — and locked in an 8 percent increase for the day — after the company dramatically raised earnings guidance.

For the third quarter ending Nov. 1, the Englewood, Colo.-based sporting goods retailer said it expects earnings of between 13 cents and 15 cents a diluted share compared with earlier guidance of between 3 cents and 5 cents. Total sales for the period are expected to come in around $550 million with comparable-store sales increases in the 1 to 2 percent range.

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