American sporting goods retailer Dick’s Sporting Goods recorded $2.7 billion in net sales for the first trimester (Q1) in fiscal 2022 (FY22), down 7.5% compared to the same period last year but up 41% compared to Q1 2019.
The company’s same-store sales for the 13 weeks to April 30 fell 8.4%, after rising 117.1% a year earlier.
Dick’s Sporting Goods also saw its net income decline to $260.6 million in the first quarter of 2022 from $361.8 million in the same period last year.
Its earnings per diluted share (EPS) was $2.47, compared to $3.41 in the first quarter of FY21, while its non-GAAP EPS was $2.85 compared to $3.79 in Q1 2021.
For the full year, Dick’s Sporting Goods expects same-store sales to be between -8% and -2%.
The company also expects annual EPS of between $7.95 and $10.15.
Dick’s Sporting Goods President and CEO, Lauren Hobart, said, “We are pleased with our first quarter results as our team continued to move with agility and perform well in a very dynamic environment.
“Over the past two years, we have demonstrated our ability to skillfully manage the pandemic and other challenges – and we are confident in our continued ability to adapt quickly and execute in uncertain macroeconomic conditions.
“Dick’s holds a unique and powerful position in the market, and we remain confident in our strategies and our ability to generate long-term sales and earnings growth.”
Dick’s Sporting Goods serves customers through over 850 own brands, Golf Galaxy, Field & Stream, Public Lands, Going Going Gone! and Warehouse Sale, as well as via its website and mobile application.
Last November, the company opened its second Public Lands and Golf Galaxy Performance Center store in Ohio and Minnesota respectively.