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Article Date: June 2020
Word Count: 761

Dick’s Sales Plunge in Q1 But Sees Strong Rebound


The net loss was $143,422,000 against income of $57,525,000 for the 13 weeks ended May 2 as sales fell 30% to $1,333,228,000 from $1,920,677,000 with comps down 29.5% although e-commerce sales jumped 110%. The results included $34 million in extra labor costs to cover higher wages and added cleaning costs as well as $28 million in inventory writedowns. Last year’s results also included one-time charges netting to a cost of $1.2 million. DKS noted that comps for the quarter through Mar. 10 before the pandemic hit were running up 7.9%, confirming its new merchandising initiatives were resonating.

 

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