Thu, May 30, 9:33 PM (294 days ago)
Dick's Sporting Goods, Inc. reported a 6.2% increase in net sales for Q1 2024, reaching $3.02 billion, driven by a 5.3% rise in comparable sales. Gross profit improved to $1.10 billion, with a slight margin increase. However, net income declined to $275.3 million from $304.6 million in Q1 2023, resulting in diluted EPS of $3.30, down from $3.40. The company faced higher selling, general, and administrative expenses and pre-opening costs. Cash on hand was $1.65 billion, with no revolving credit borrowings. Capital expenditures were $157.5 million, focused on new store development and technology enhancements. The company raised its full-year outlook, expecting 2-3% comparable sales growth and EPS of $13.35 to $13.75. Key risks include macroeconomic factors, inventory shrink, and competitive pressures.