Dick's Sporting Goods Q1 sales dip, earnings hit hard
Dick's Sporting Goods announced on Wednesday revenues for the first quarter fell by more than 7%, on the back of plunging comparable sales, as the company was hurt by "evolving macroeconomic conditions."
The Pittsburgh-based company said net revenues for the quarter ending April 30 fell 7.5% to $2.7 billion, from $2.9 billion in the prior-year quarter.
The company said comparable store sales were down 8.4%, while net income plummeted 28% to $260.6 million, from $361.8 million in the quarter last year. Earnings per diluted share fell $2.47, from $3.41 per share, a year earlier.
Despite the negative earnings update, the company said "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," said Lauren Hobart, president and chief executive officer.
"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."
As a result of the first quarter, the company said it now expects same-store sales to be down 2% to 8%, versus prior expectations for sales to be flat to down 4% for the fiscal year. The company now expects to earn between $9.15 and $11.70 per share for the year.
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