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June 2, 2020, 8:08 a.m. EDT

Dick's Sporting Goods reports wider-than-expected losses

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By Tonya Garcia

Dick's Sporting Goods Inc. /zigman2/quotes/200566298/composite DKS -2.58% reported a first-quarter net loss of $143.4 million, or $1.71 per share, after net income of $57.5 million, or 61 cents per share, last year. Losses include $62 million in pre-tax expenses, or 50 cents per share, for worker compensation, safety amid the COVID-19 outbreak and inventory writedown. Sales totaling $1.33 billion were down more than 30% from $1.92 billion last year. The FactSet consensus was for a net loss of 43 cents per share and sales of $1.44 billion. Same-store sales for the quarter fell 29.5%, but e-commerce sales jumped 110%, boosted by the launch of contactless curbside pickup. Through March 10, same-store sales were up 7.9%. As of May 30, 80% of Dick's Sporting Goods stores had reopened. Through the first four weeks of the second quarter, same-store sales have declined 4%. At the end of the first quarter, Dick's Sporting Goods had $1.5 billion in cash and cash equivalents, and $1.4 billion in outstanding borrowings from its revolving line of credit. Dick's Sporting Goods stock rose 1.4% in Tuesday premarket trading, but is down 26.3% for the year to date. The S&P 500 index /zigman2/quotes/210599714/realtime SPX +1.45% is down 5.4% for 2020 so far.

/zigman2/quotes/200566298/composite
US : U.S.: NYSE
$ 45.71
-1.21 -2.58%
Volume: 1.17M
Aug. 12, 2020 12:22p
P/E Ratio
44.40
Dividend Yield
2.75%
Market Cap
$4.20 billion
Rev. per Employee
$186,650
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/zigman2/quotes/210599714/realtime
US : S&P US
3,382.19
+48.50 +1.45%
Volume: 1.01B
Aug. 12, 2020 12:22p
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