Dick’s Sporting Goods Reported Strong First-Quarter Earnings
May 25, 2022 By MarketDepth
Dick’s Sporting Goods (NYSE: DKS) reported strong first-quarter earnings Wednesday, topping Wall Street expectations. The results come as consumers continue to spend more money on golf clubs, soccer equipment and athletic apparel.
Earnings Higher than Anticipated
The American sporting goods retail company reported earnings of USD2.85 per share, compared to the expected USD2.48 a share. Revenue amounted to USD2.7 Billion, higher than analysts anticipated USD2.59 Billion.
”We are pleased with our first quarter results as our team continued to move with agility and execute well in a highly dynamic environment. 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.”Chief Executive Officer, Lauren Hobart
According to Dick’s, its loyalty members made up for more than 70% of sales. The company was able to fulfill over 90% of its purchases, as it utilized the inventory it had piled away in stock rooms.
Dick’s shares have tumbled 38% throughout the year and have a current market cap of USD5.45 Billion.