Dick's Sporting Goods Tops Q1 FY23 Sales Estimates; Store Sales See Notable Increase

Dick's Sporting Goods Inc DKS reported first-quarter FY23 sales growth of 5.3% year-on-year to $2.84 billion, beating the analyst consensus estimate of $2.80 billion.

• Comparable store sales increased 3.4% versus an 8.4% decline a year ago.
• Gross profit margin contracted 28 basis points Y/Y to 36.19%. The operating margin contracted 211 basis points to 11.46%, and operating income for the quarter fell 11.2% to $325.6 million.
• The company held $1.6 billion in cash and equivalents as of April 29, 2023. Total inventory at the end of Q1 increased by 7% Y/Y.
• The retailer ended the quarter with 863 stores versus 858 stores last year.
• Adjusted EPS of $3.40 beat the analyst consensus of $3.18.
• The company's Board of Directors declared a quarterly dividend of $1 per share, payable in cash on June 30, 2023, to stockholders of record on June 16, 2023.
• Outlook: DKS reaffirmed EPS outlook of $12.90 - $13.80 versus the consensus of $13.40.
• The sees FY23 comparable store sales of Flat – 2% growth; capital expenditure of $550 million - $600 million on a net basis.

Price Action: DKS shares are trading higher by 2.45% at $129.50 in premarket on the last check Tuesday.

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