1. News
May 26, 2022

Dick’s Sporting Goods records $2.7bn in net sales for Q1 2022

The retailer expects its comparable store sales for the full year to be between -8% and -2%.

US-based sporting goods retailer Dick’s Sporting Goods has recorded $2.7bn in net sales for the first quarter (Q1) of the fiscal year 2022 (FY22), down by 7.5% from the same period of last year but up by 41% against Q1 2019.

The company’s comparable-store sales for the 13 weeks to 30 April dropped by 8.4%, after having increased by 117.1% a year earlier.

Dick’s Sporting Goods also saw its net income decline to $260.6m in Q1 2022 from $361.8m in the same period of last year.

Its earnings per diluted share (EPS) were $2.47, down from $3.41 in the first quarter of FY21, while its non-generally accepted accounting principles (GAAP) EPS were $2.85 against $3.79 in Q1 2021.

For the full year, Dick’s Sporting Goods expects its comparable store sales to be in the range of -8% to -2%.

The company also expects full-year EPS of between $7.95 and $10.15.

Dick’s Sporting Goods president and CEO Lauren Hobart said: “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.”

Dick’s Sporting Goods serves its customers through more than 850 own-brand, Golf Galaxy, Field & Stream, Public Lands, Going Going Gone! and Warehouse Sale stores, as well as via its website and mobile app.

Last November, the company opened its second Public Lands store and Golf Galaxy Performance Centre in Ohio and Minnesota respectively.