Dick’s enjoys strong start to year as sales grow 5.3%

Dick’s Sporting Goods, which has an estimated 10% of the US fishing tackle market, reaffirmed its 2023 outlook after delivering 5.3% growth in first quarter net sales.

The 863-store retailer reported net sales of $2,842 million in the quarter ended April 29 this year, a 5.3% increase. Net income was up 17% to $305 million. Comparable store sales were up 3.4%.

Coming off consecutive record years in 2020 and 2021, the 2022 results provide a strong foundation on which to build in 2023 and the years ahead, said the company.

“Our strong start to 2023 demonstrates the sustained strength of the business,” said Executive Chairman, Ed Stack. “We continue to invest in our future to fuel long-term growth opportunities, including a return to square footage growth.”

Lauren Hobart, President and CEO, said Dick’s continued to gain market share despite consumers facing macroeconomic uncertainties. “Our Q1 sales were driven by strong comps and healthy transaction growth. We remain confident in our ability to drive sales and profitable growth in 2023 and over the long term.”