Dick’s Sporting Goods reported $2.7 billion in first-quarter revenue, beating analysts’ estimates of $2.59 billion but falling from the $2.92 billion reported a year earlier.
With 729 regular stores and 129 specialty concept stores, the retailer posted $260.6 million in net income, down from $361.8 million the same period the year prior.
The company said loyalty members accounted for more than 70% of sales.
- Same-store sales for locations open at least one year fell 8.4%, including digital sales.
- Overall sales dropped 7.5% year-over-year.
Dick’s cut its financial forecast, too. The company expects same-store sales to be down 2% to 8%, compared to its previous expectations to be flat to down 4%. Analysts expected same-store sales to drop 2.5% year-over-year.
The weak outlook has already affected Dick’s stock price — at one point on Wednesday, it reached a 52-week low of $63.45.
Dick’s Sporting Goods continues to expand its offerings.
During the quarter, Dick’s and its outdoor concept store Public Lands announced a new in-store buy-back program with Out&Back Outdoor for outdoor gear in select markets. Earlier this month, Dick’s Calia brand — the company’s second-largest women’s apparel brand behind Nike — launched its first-ever golf collection.