‘We are in a great lane right now’ Dick’s reports record first quarter results
Dick’s Sporting Goods has announced record quarterly sales and earnings for the first quarter of 2021, while also raising its full year outlook. On the news, shares jumped more than 7% in pre-market trading.
The US omni-channel retailer crushed analysts’ estimates of $2.18 billion with net sales for the quarter of $2.92 billion, a 119% increase over 2020 and 52% up on a COVID-free 2019. Same-store sales for the period ending May 1st were the basis for the strong performance, with a 115% increase compared to the same period last year. Temporary store closures starting in March last year led to a 29.5% drop compared to 2019.
Same store sales included a 14% leap in e-commerce sales. E-commerce penetration is now at 20% of total net sales. Consolidated income for the quarter was $361.8 million, compared to a net loss in 2020 of $143.4 million. Net income for the first quarter of 2019 was $57.5m.
The 730-store chain revealed that it spent £13m in incremental safety costs in response to COVID during the 13-week period, compared to $62m in 2020.
Dick’s has upwardly revised its full year outlook and now forecasts sales of between $10.5 billion and $10.8 billion. As of Tuesday, May 25th, its shares were up around 50% year-to-date.
“We are in a great lane right now, and 2021 will be the boldest and most transformational year in the company’s history. We believe the future of retail is experiential, powered by technology and a world-class omni-channel operating model,” said Ed Stack, Executive Chairman and Chief Merchandising Officer.
DSG President and CEO Lauren Hobart said the first quarter revenues and earnings both ‘significantly exceeded’ expectations.