DICK’S Sporting Goods Inc. (NYSE: DKS) slipped to a loss in the first quarter of 2020 from a profit last year, due to the impacts from temporary store closures, expenses, teammate compensation, and safety costs, as well as inventory write-downs. The top-line fell by 30.6% year-over-year.
Same-store sales decreased by 29.5% due to temporary store closures that started on March 18 to help prevent the spread of COVID-19. The first-quarter 2019 consolidated same-store sales were flat. Through the first four weeks of the second quarter, the company’s consolidated same-store sales have decreased by only 4%.
With confidence in liquidity position and its stores re-opening, the company could turn its attention to gaining market share for the remainder of 2020 and positioning its business for profitable growth in 2021. The company’s eCommerce sales, including Curbside Contactless Pickup, were tremendous, increasing 210% since it temporarily closed stores through the end of the first quarter.
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Shares of Macy’s Inc. (NYSE: M) were down 2.7% in morning trade on Wednesday. The stock has gained 37% since the beginning of the year. A day ago, the retailer