Dick’s sporting goods store will be located on March 9, 2022 on Staten Island, New York City.
Spencer Pratt | Getty Images
Dick’s sporting goods First-quarter results reported Wednesday exceeded Wall Street’s expectations as shoppers spent money on golf clubs, soccer equipment, and athletic apparel from brands such as: Nike And Adidas.
However, Dick’s is unaffected by high inflation and ongoing supply chain challenges. The company has lowered its full-year financial forecast.
Retailers’ share fell by about 15% in pre-market transactions.
Dick’s is currently forecasting adjusted revenue per share from $ 9.15 to $ 11.70 this year. Previous range from $ 11.70 to $ 13.10.. Analysts were looking for adjusted earnings per share of $ 12.56, according to Refinitiv’s estimates.
Dick’s forecasts same-store sales to fall from 8% to 2%, but previous forecasts were flat from 4%. According to FactSet, analysts wanted a 2.5% year-on-year decrease.
The company’s decision to lower the guidance is Walmart, Goal When ColesBecause these retailers deal with higher costs that are digging into their income.Apparel retailer share Abercrombie & Fitch It fell by nearly 30% on Tuesday after the company drastically lowered its outlook this year.
Lauren Hobert, Dick’s president and chief executive officer, said in a press release that he is confident that the company can “adapt quickly” in uncertain macroeconomic conditions.
This is Dick’s way That accounting first quarter Using Refinitiv’s quote compared to what Wall Street expected:
- Profit per share: Adjusted $ 2.85 vs. expected $ 2.48
- Revenue: Forecast of $ 2.7 billion vs. $ 2.59 billion
Dick reported that net income for the three months to April 30 was $ 260.6 million, $ 2.47 per share, compared to $ 361.8 million, $ 3.41 per share in the year-ago quarter. .. Except for temporary items, the company earned $ 2.85 per share.
Revenue was $ 2.7 billion, down about 8% from $ 2.92 billion in the previous year, enough to exceed expectations.
Dick said that members of that loyalty make up more than 70% of sales. Dick’s made the most of the inventory in its inventory room, so the store executed more than 90% of transactions, including online purchases.
The company reported that inventory levels as of April 30 were up 40.4% year-on-year.
As of Tuesday’s market closing, Dick’s stock has fallen by about 38% so far.
This story is developing. Please check for updates.