Dick’s Sporting Goods Swings for the Fences with Strong Q1 2024 Results and Raised Guidance

Fashnopsis:

• Dick’s Sporting Goods scores with 5.3% comparable sales growth in Q1.
• Earnings per share hold steady at $3.30, EBT up 4%.
• Dick’s raises 2024 guidance, projecting stronger sales and earnings.
• CEO highlights confidence in athlete demand and Dick’s future.
• Company rewards shareholders with $1.10 quarterly dividend

Solid Sales Growth and Increased Profitability

Dick’s Sporting Goods reported a successful first quarter, exceeding expectations with a 5.3% increase in comparable sales and a net sales jump to $3.02 billion. Earnings per diluted share remained healthy at $3.30, accompanied by a 4% rise in earnings before taxes (EBT).

“This strong start to the year solidifies Dick’s position as the premier destination for American athletes and sports enthusiasts,” declared Ed Stack, Executive Chairman. “Our partnerships with key brands and the strength of our vertical brand portfolio put us in a prime position. We’re energized by the momentum and confident in the unique product offerings and exceptional experiences we deliver.”

Raised Full-Year Guidance Reflects Optimism

Building on their Q1 success, Dick’s Sporting Goods raised their full-year 2024 guidance. Comparable sales are now projected to climb between 2% and 3% (previously 1%-2%), with net sales anticipated to reach a range of $13.1 billion to $13.2 billion (previously not specified). Earnings per diluted share are also expected to land between $13.35 and $13.75 (previously $12.85-$13.25).

“Our first quarter results, including the 5.3% increase in comparable sales and a double-digit EBT margin exceeding 11%, demonstrate continued positive business momentum,” commented Lauren Hobart, President and CEO. “Based on this strong performance and our unwavering confidence in both athlete demand and our company’s future, we’re raising our full-year outlook.”

Commitment to Shareholders Highlighted

The company further underscored its commitment to shareholders by announcing a quarterly dividend of $1.10 per share for both common and Class B common stock, declared by the board of directors on May 28, 2024.

Image Source: Dick’s Sporting Goods