Companies

Dick's Sporting Goods posts sales decline

Jun 1, 2022 United States

The sporting goods retailer posted a comparable store sales drop of 8.4% in the first quarter of fiscal 2022 over the same period last year, but remains optimistic about its long-term strategy

In the first quarter of fiscal 2022, Dick's Sporting Goods’ net sales totalled 2.70 billion US dollars, which reflects an increase of 41%, as compared with the same period of 2019, and a decline of 7.5%, as compared with the first quarter of 2021. Comparable store sales dropped by 8.4% in this period, on a comparable basis with the first quarter of 2021.

Net income corresponded to 260.6 million US dollars in the first quarter of the current fiscal year, as compared with net income of 367.2 million US dollars in similar period of the last fiscal year.

The company delivered earnings per diluted share of 2.47 US dollars in the three months to the 30^th of April, on a comparable basis to 3.41 US dollars in the same quarter of the previous year. Non-GAAP earnings per diluted share were 2.85 US dollars, on a comparable basis to 3.79 US dollars in the same quarter of 2021.

"We are pleased with our first quarter results, as our team continued to move with agility and execute well in a highly dynamic environment. Over the past two years, we have demonstrated our ability to adeptly manage through the pandemic and other challenges - and we are confident in our continued ability to adapt quickly and execute through uncertain macroeconomic conditions. DICK'S has a unique and powerful position in the marketplace, and we remain confident in our strategies and our ability to deliver long-term sales and earnings growth", commented Lauren Hobart, President and Chief Executive Officer.

Fiscal 2022 Outlook

For the full year, Dick's Sporting Goods is expecting earnings per diluted share in the range of 7.95 US dollars to 10.15 US dollars on a GAAP basis and between 9.15 US dollars to 11.70 US dollars, on a non-GAAP basis. Comparable store sales should remain negative, between 8% to 2%.

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United States Companies Dicks Sporting Goods Footwear Quarter Results Results Retail Sneakers Sportswear