Dick’s Sporting Goods reported net sales for the quarter ended April 30, 2022, dipped 7.5% to $2.70 billion compared with the same quarter last year. However, sales for this fiscal year’s first quarter increased 41% compared with 2019’s first quarter.
“Sales continued to run substantially above pre-COVID levels,” said President and CEO Lauren Hobart, according to a SeekingAlpha transcript of the quarterly earnings call.
Comparable store sales declined 8.4% from the previous year’s first quarter. That follows a 117% increase in comparable sales in the same period last year. Transactions declined 6.4%, and average ticket declined 2%, said Navdeep Gupta, chief financial officer.
Hobart said the tools Dick’s has “today to surgically adjust pricing are significantly more sophisticated than they were several years ago.” She added that she’s confident the majority of Dick’s merchandise margin rate expansion from the last two years is sustainable.
Dick’s Sporting Goods ranks No. 37 the Top 1000 Database. The Digital Commerce 360 database sorts online retailers in order by web sales. Dick’s ranks third in the “sporting goods” category, behind Bass Pro Shops (No. 29 overall) and Peloton (No. 36).
Omnichannel proves reliable
Hobart said Dick’s is focusing on its omnichannel platform, which features stores as a hub, in its long-term growth strategy. Dick’s 800 stores enabled more than 90% of total sales, she said. They served in-store customers and functioned as distribution points for omnichannel fulfillment through ship from store, in-store pickup and curbside.
“Our digital capabilities remain core to our omnichannel success,” Hobart said. “And we are continuing to prioritize investments in technology and data science.”
The company did not break out ecommerce sales.
For the quarter ended April 30, 2022, Dick’s Sporting Goods reported:
- $2.70 billion in net sales, a 7.5% decrease from $2.92 billion in Q1 2021. However, net sales increased 41% versus the first quarter of 2019
- Comparable store sales declined 8.4% compared with Q1 2021. That follows a 117% increase in Q1 2021 comparable sales from Q1 2020.
- Stores enabled 90% of total sales, including omnichannel fulfillment options to ship from store, in-store pickup and curbside.
Percentage changes may not align exactly with dollar figures due to rounding.
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