PITTSBURGH (BRAIN) — Dick's Sporting Goods reported net sales increased 6.2% year-over-year and raised its full-year outlook.
Net sales for the quarter ending May 4 were $3.02 billion, compared with $2.84 billion at the same time last year.
Net income for the quarter was $275 million, down 10% year-over-year from $305 million. Earnings per share dropped 3%, from $3.40 to $3.30.
The yearly outlook for comparable sales growth was raised to 2%-3%, up from 1%-2%. Full-year earnings per diluted share guidance was increased from $12.85 -$13.25 to $13.35-$13.75.
"Our strong first quarter results continue to prove that Dick's is the go-to destination for sport and sport culture in the U.S.," said Executive Chairman Ed Stack. "The product pipeline from our key brand partners and our vertical brand portfolio has never been better. ..."
During the first quarter, Dick's announced it will begin carrying Mongoose bikes, supplanting GT Bicycles, which ended its agreement with the box-store giant at the end of 2023. The full line of Mongoose models — mountain bike, BMX, gravel, fat tire, and kids bikes — will be available at Dick's Sports Goods' more than 650 storefronts nationwide as well as online.
Dick's Sporting Goods is traded on the New York Stock Exchange under the DKS symbol. More information: DKS stock quote at NYSE.com.
