Companies

Dick’s Sporting Goods raises full year outlook

Jun 4, 2024 United States

The US-based sporting goods retailer has started the fiscal year on a positive note, with first quarter sales up by 6.2% over the same period of last year. As a result, it has raised its full year outlook

“We are incredibly proud of our first quarter results. With our comps increasing 5.3% and double-digit EBT margin of over 11%, we drove continued momentum in our business. Our core strategies and execution are delivering strong results, and we are continuing to gain market share as consumers prioritize Dick’s Sporting Goods to meet their needs”, commented Lauren Hobart, President and Chief Executive Officer.

First Quarter Results

In the quarter that ended on the 4^th of May, the company’s net sales reached 3.02 billion US dollars, an increase of 6.2% on a comparable basis to the same period of last year. This growth was driven by a 5.3% year-over-year rise in comparable sales, reflecting an increase in both the number of transactions and the average amount spent per transaction.

Dick’s Sporting Goods recorded an income before taxes of 342 million US dollars in the first quarter of the fiscal year, up by 4% as compared to the same period of the prior year, with a double-digit margin of 11.3%. Net income was 275 million US dollars (or 3.30 US dollars per diluted share), down slightly from last year’s 305 million US dollars (or 3.40 US dollars per diluted share).

Full Year Outlook

“Because of our strong Q1 performance, our expectations for continued robust demand from athletes and the confidence we have in our business, we are raising our full year outlook”, concluded Hobart.

For fiscal 2024, the sporting goods retailer expects net sales to be in the range of 13.1 billion to 13.2 billion US dollars (previously: 13.0 billion to 13.13 billion US dollars), with comparable sales growth in the range of 2.0% to 3.0% (previously: 1.0% to 2.0%).

Earnings per diluted share are now expected to be in the range of 13.35 to 13.75 US dollars (previously: 12.85 to 13.25 US dollars).

Image Credits: tcbmag.com

United States Dicks Sporting Goods Footwear Quarter Results Results Sportswear