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.
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