Dick’s Sporting Goods sees first quarter sales dip 7.5%

Dick’s Sporting Goods, which allocates about 10% of its store space to fishing, has reported net sales of $2.7 billion for the first quarter, down 7.5% from the same period last year but up 41% against 2019.

Comparative store sales dropped by 8.4% after having increased 117% a year earlier. Dick’s expects comparative store sales for the full year to be in the range of -8% to -2%.

Net income for the first quarter declined to $260.6 million from $361.8 million in the same period the previous year.

President and CEO Lauren Hobart said the company was pleased with the results achieved 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,” added Hobart.

“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.”

Dick’s sells through more than 850 stores in almost 50 states, plus its website and mobile app.