PITTSBURGH (BRAIN) — Dick's Sporting Goods' first-quarter net sales increased a record 119% year-over-year, boosted by a jump in consolidated same-store sales and e-commerce growth.
Net sales ending May 1 were $2.92 billion, compared to $1.3 billion a year ago. Dick's had a 115% increase in consolidated same-store sales, and a 14% rise in e-commerce sales.
"We are very pleased to deliver another exceptionally strong quarter, achieving record first-quarter sales and our highest-ever quarterly earnings, both significantly exceeding our expectations," said Lauren Hobart, president and CEO.
"The strength of our diverse category portfolio, supply chain, technology capabilities, and omnichannel execution helped us continue to capitalize on strong consumer demand across golf, outdoor activities, home fitness, and active lifestyle. We also saw a resurgence in our team sports business as kids began to get back out on the field after a year in which many youth sports activities were delayed or canceled. Looking ahead, we remain very enthusiastic about our business and are pleased to increase our full-year sales and earnings outlook."
Dick's reported net income for the quarter at $362 million, $3.41 per diluted share, and non-GAAP earnings per diluted share of $3.79. It raised full-year earnings per diluted share guidance to $7.05-$7.68, and full-year non-GAAP earnings per diluted share guidance to $8-$8.70.
Dick's Sporting Goods is traded on the New York Stock Exchange under the DKS symbol. More information: DKS stock quote at NYSE.com.
