PITTSBURGH (BRAIN) — Dick's Sporting Goods reported first-quarter net sales decreased 7.5% year-over-year for the period ending April 30.
Net sales were $2.7 billion, compared with $2.9 billion at the same time last year. Net income for the quarter was $261 million, down 28% from $362 million. Earnings per share decreased 28%, from $3.41 to $2.47.
"We are pleased with our first-quarter results as our team continued to move with agility and execute well in a highly dynamic environment," said Lauren Hobart, president and CEO, while the company noted 2022 first-quarter net sales were 41% higher than at the same time in 2019. "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."
The company also said comparable store sales declined 8.4%.
Dick's reported a second consecutive year of record full-year net sales in its last earnings report in March. The company is traded on the New York Stock Exchange under the DKS symbol. More information: DKS stock quote at NYSE.com.
