Dick's Sporting Goods (NYSE:DKS) has reported a rise in first-quarter sales as it rang up more transactions and raised its average ticket.
The sporting goods retailer grew net sales by 5.3% to $2.84 billion in the quarter to April 29, 2023, with comparable store sales gaining 3.4%. That beat Wall Street consensus estimates for net sales of $2.8 billion.
Net income jumped 17% to $305 million, resulting in a 38% rise in diluted earnings per share (EPS) to $3.40. Non-GAAP diluted EPS were 19% up at $3.40, above the $3.18 expected by the Street.
“Our strong start to 2023 demonstrates the sustained strength of our business,” executive chairman Ed Stack said in an earnings statement.
“We are very enthusiastic about our strategies and continue to invest in our future to fuel long-term growth opportunities, including a return to square footage growth.”
Coming off two consecutive record years in 2020 and 2021, the company said its 2022 results provided a strong foundation for 2023 and subsequent years. It has guided investors for flat to 2% growth in full-year 2023 sales, with diluted EPS of between $12.90 and $13.80.
“Even as consumers face macroeconomic uncertainties, our athletes have continued to prioritize sport and rely on Dick's to meet their needs, and we continue to gain market share,” President and CEO Lauren Hobart added.
“We remain confident in our ability to drive sales and profitability growth in 2023 and over the long term.”
The company’s shares traded 2.8% higher at $129.94 in premarket trade.
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