DICK’S Sporting Goods, Inc. (NYSE: DKS), the largest U.S. based full-line omni-channel sporting goods retailer, today reported sales and earnings results for the first quarter ended May 1, 2021.
- Net sales for the first quarter of 2021 increased 119% compared to the first quarter of 2020 and increased 52% compared to the first quarter of 2019
- Driven by strong sales and gross margin rate expansion, the Company delivered first quarter 2021 earnings per diluted share of $3.41 and non-GAAP earnings per diluted share of $3.79; this compares to a net loss per share of $1.71 during the first quarter of 2020, a result of last year’s temporary store closures, and earnings per diluted share of $0.61 during the first quarter of 2019
- Company raises its full year 2021 earnings per diluted share guidance to $7.05 to 7.68 and raises its full year 2021 non-GAAP earnings per diluted share guidance to $8.00 to 8.70
- The Company expects to open six new DICK’S Sporting Goods stores and eight specialty concept stores in 2021
We are in a great lane right now, and 2021 will be our boldest and most transformational year in the Company’s history. We believe the future of retail is experiential, powered by technology and a world-class omni-channel operating model. Importantly, we are reimagining the athlete experience, both across our core business and through new concepts that we have been working on for the past several years, which will collectively propel our growth in the future,” said Ed Stack, Executive Chairman and Chief Merchandising Officer.
“We are very pleased to deliver another exceptionally strong quarter, achieving record first quarter sales and our highest-ever quarterly earnings, both significantly exceeding our expectations. The strength of our diverse category portfolio, supply chain, technology capabilities and omni-channel execution helped us continue to capitalize on strong consumer demand across golf, outdoor activities, home fitness and active lifestyle. We also saw a resurgence in our team sports business as kids began to get back out on the field after a year in which many youth sports activities were delayed or cancelled,” said Lauren Hobart, President and Chief Executive Officer. “Looking ahead, we remain very enthusiastic about our business and are pleased to increase our full year sales and earnings outlook.”
About DICK’S Sporting Goods, Inc.
Founded in 1948, DICK’S Sporting Goods, Inc. is a leading omni-channel sporting goods retailer offering an extensive assortment of authentic, high-quality sports equipment, apparel, footwear and accessories. As of October 31, 2020, the Company operated 732 DICK’S Sporting Goods locations across the United States, serving and inspiring athletes and outdoor enthusiasts to achieve their personal best through a blend of dedicated teammates, in-store services and unique specialty shop-in-shops dedicated to Team Sports, Athletic Apparel, Golf, Lodge/Outdoor, Fitness and Footwear.
Headquartered in Pittsburgh, PA, DICK’S also owns and operates Golf Galaxy and Field & Stream specialty stores, as well as GameChanger, a youth sports mobile app for scheduling, communications and live scorekeeping. DICK’S offers its products through a dynamic eCommerce platform that is integrated with its store network and provides customers with the convenience and expertise of a 24-hour storefront. For more information, visit the Investor Relations page at dicks.com.