Net income slid 28% in the first quarter to $260,559,000 from $361,756,000 on a 7% sales decline to $2,700,205,000 from $2,918,719,000 as DKS was the latest retailer to face tough comparisons with last year’s stimulus-fueled demand. Comparable store sales dropped 8.4%, anniversarying last year’s 117.1% jump against 2020’s store closures. Transactions declined by 6.4% and average ticket was down 2%, as a mix shift away from expensive gear was partially offset by some higher prices.
Dick’s lowered its revenue guidance for the year, citing more uncertainty about the macroeconomic backdrop and geopolitical environment, and is now expecting full-year comps between -8% ... Log in to view full article.