Company Financial Announcements

Dick's Sporting Goods Reports Strong Q1 Earnings, Raises FY24 Guidance; Shares Up 7.7% Pre-Market

May 29, 2024, 12:12 PM

Dick's Sporting Goods reported strong Q1 2024 earnings, exceeding analyst expectations. The company posted an EPS of $3.30, surpassing the estimated $2.95, and reported revenue of $3.02 billion, beating the expected $2.94 billion. Comparable sales grew by 5.3%, driven by increased transactions and average ticket size. Despite a 9.6% decline in net income due to higher tax provisions, total sales increased by 6.2% year-over-year. Following these results, Dick's Sporting Goods raised its full-year EPS guidance to $13.35-$13.75 from the previous $12.85-$13.25 and expects net sales to reach $13.1-$13.2 billion. The company also declared a quarterly dividend of $1.10 per share. Shares of Dick's Sporting Goods rose 7.7% in premarket trading as the market responded positively to the earnings beat and raised outlook. CEO Ed Stack stated, "Our strong first quarter results continue to prove that DICK’S is the destination for athletes."