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Published
May 26, 2022
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Dick's Sporting Goods Q1 sales dip, earnings hit hard

Published
May 26, 2022

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."


Despite the negative earnings update, the company said "continued to move with agility and execute well in a highly dynamic environment." - Dick's Sporting Goods


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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