By Micah Maidenberg
Dick’s Sporting Goods Inc. said sales and profits rebounded from the pandemic in its latest quarter as consumers snapped up items used everywhere from golf courses to youth-sport leagues.
The retailer on Wednesday reported net income for its fiscal first quarter of $361.8 million, up from a loss of $143.4 million for the year-earlier period. Earnings tied to common stock rose to $3.41 a share from a loss of $1.71 a share.
Dick’s also reported an adjusted profit of $3.79 a share.
Sales jumped to $2.92 billion from $1.33 billion.
Analysts expected Dick’s to report an adjusted profit of $1.19 a share on $2.23 billion in sales, according to FactSet.
Comparable sales more than doubled in the quarter that ended May 1. For the same quarter last year, Dick’s, like other retailers, saw sales plunge as the Covid-19 pandemic first was intensifying and the company temporarily closed down stores.
The company saw strong consumer demand in the latest quarter across several categories, including golf items, home fitness gear and products used for outdoor activities, Chief Executive Lauren Hobart said.
“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,” she said.
The company continued to build out its ecommerce business, with digital sales accounting for 20% of total sales in the first quarter, up from 13% for the same time in 2019.
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