Dick's Sporting Goods Q1 sales lift, earnings surge 17%

By

Benjamin Fitzgerald

Published
May 24, 2023

Dick's Sporting Goods announced on Tuesday revenues for the first quarter grew 5.3% to $2.8 billion, on the back of strong comparable store sales and an increase in transactions.

The Pittsburgh-based company recorded 3.4% growth in first quarter comparable store sales, driven by a 2.7% increase in transactions as well as higher average ticket for the three months ending April 29.

Net income for the quarter surged 17% to $305 million, compared $261 million in the prior-year period. Earnings per diluted share grew 38% to $3.40.

"Our strong start to 2023 demonstrates the sustained strength of our business," said Ed Stack, executive chairman. "We are very enthusiastic about our strategies and continue to invest in our future to fuel long-term growth opportunities, including a return to square footage growth. I'd like to thank all our teammates for how they delivered in Q1 and for their dedication to Dick's Sporting Goods."

Looking ahead, the company said it expects full-year 2023 earnings per diluted share of $12.90 to $13.80 and comparable store sales growth between flat and 2% for the year.

"We are very pleased with our first quarter results. Even as consumers face macroeconomic uncertainties, our athletes have continued to prioritize sport and rely on Dick's to meet their needs, and we continue to gain market share," said Lauren Hobart, president and chief executive officer.

"Our Q1 sales grew 5.3%, driven by strong comps and healthy transaction growth, and we delivered another strong double-digit EBT margin. We remain confident in our ability to drive sales and profitability growth in 2023 and over the long term."

The strong start to 2023 comes after record-setting net sales of $12.37 billion in 2022, up 0.6%, on the back of strong sales growth in its fourth quarter, including solid comparable sales.