Bulletin
Investor Alert

June 2, 2020, 10:51 a.m. EDT

Dick's Pops on Q1 Numbers

new
Watchlist Relevance
LEARN MORE

Want to see how this story relates to your watchlist?

Just add items to create a watchlist now:

  • X
    Dick's Sporting Goods Inc. (DKS)

or Cancel Already have a watchlist? Log In

Jun 02, 2020 (Baystreet.ca via COMTEX) -- Dick's Sporting Goods Inc. /zigman2/quotes/200566298/composite DKS +0.24% raced skyward Tuesday, on the latest first-quarter figures.

The sporting goods retailer out of Pittsburgh reported a consolidated net loss of $143.4 million, or $1.71 per diluted share. The chain also says that, as a result of actions taken to support its teammates as well as impacts from its temporary store closures, Dick's incurred approximately $62 million of pre-tax expenses, or $0.50 per diluted share, during the current quarter, including $34 million of teammate compensation and safety costs and $28 million of inventory writedowns.

DKS reported consolidated net income for the first quarter of $57.5 million, or $0.61 per diluted share.

On a non-GAAP basis, the Company reported consolidated net income for the first quarter ended May 4, 2019 of $58.4 million, or $0.62 per diluted share.

First-quarter 2019 non-GAAP results exclude a non-cash asset impairment and the settlement of a litigation contingency. The GAAP to non-GAAP reconciliations are included in a table later in the release under the heading "GAAP to Non-GAAP Reconciliations."

Net sales for the first quarter of 2020 decreased 30.6% to approximately $1.33 billion. Consolidated same store sales decreased 29.5%, driven by temporary store closures that started on March 18, 2020 to help prevent the spread of COVID-19. First quarter 2019 consolidated same store sales were flat.

CEO Edward Stack said, "Although the business environment of 2020 remains uncertain, DICK'S Sporting Goods is in a position of strength. We believe coming out of the current crisis, health and fitness will become even more important to the consumer."

Dick's shares sprinted 90 cents, or 2.5%, to $37.36.

COMTEX_366412348/2559/2020-06-02T10:51:13

Is there a problem with this press release? Contact the source provider Comtex at editorial@comtex.com. You can also contact MarketWatch Customer Service via our Customer Center.

/zigman2/quotes/200566298/composite
US : U.S.: NYSE
$ 45.80
+0.11 +0.24%
Volume: 1.52M
Aug. 7, 2020 4:00p
P/E Ratio
44.73
Dividend Yield
2.73%
Market Cap
$4.10 billion
Rev. per Employee
$186,650
loading...

This Story has 0 Comments
Be the first to comment

Story Conversation

Commenting FAQs »
Link to MarketWatch's Slice.