Dick's Sporting Goods Raises Forecast Following Strong Q1
Following a strong first quarter in which comparable store sales grew 5.3%, Dicks Sporting Goods is raising its forecast and projecting solid gains in net sales for its full fiscal year.
For the quarter ended May 4, net sales were $3.02 billion, an increase of 6.2% over the comparable quarter the previous year. Net income was $275 million, a decrease of 10%, with earnings per share down $0.10 to $3.30.
“Our core strategies and execution are delivering strong results, and we are continuing to gain market share as consumers prioritize Dick’s Sporting Goods to meet their needs,” said Lauren Hobart, president and CEO of Dick’s Sporting Goods. “Because of our strong first quarter performance, our expectations for continued robust demand from athletes, and the confidence we have in our business, we are raising our full-year outlook."
The sporting goods specialty retailer is how forecasting net sales of between $13.1 billion and $13.2 billion, with comparable store sales growth of between 2% and 3%. Diluted earnings per share are now expected between $13.35 and $13.75.
With sales growing, private label products continue to play an important role at Dick’s. Earlier this year, the retailer launched a national advertising campaign for its Calia women’s performance wear private label assortment.
The new marketing initiative entitled "CALIA Inspire: There's Beauty In The Burn" was designed to support the brand's versatile and technically designed fabric and apparel collection to date – Inspire. The Inspire collection offers products that can be used during a low-intensity yoga session to high-intensity weight training, at home, and beyond.
Additionally, Dicks Sporting Goods and the WNBA have teamed to launch a girls apparel collection, marking the first collaboration between the retailer and the women’s professional basketball league. Developed under the retailer’s DSG exclusive brand that provides performance clothing and gear for the entire family, the new official WNBA lifestyle collection is designed specifically for young girls.
