DICK’S Sporting Goods, Inc. (NYSE: DKS) on Wednesday reported lower earnings and net sales for the first quarter of 2022 amid weak comparable sales performance. Net sales decreased 7.5% year-over-year to $2.7 billion in the first quarter when consolidated same-store sales dropped 8.4%.
Adjusted earnings declined to $2.85 per share during the three-month period from $3.79 per share a year earlier. Unadjusted profit was $260.6 million or $2.47 per share in the latest quarter, compared to $361.8 million or $3.41 per share in the first quarter of 2021.
Check this space to read management/analysts’ comments on DICK’s Sporting Goods’ Q1 earnings
“Over the past two years, we have demonstrated our ability to adeptly manage through the pandemic and other challenges – and we are confident in our continued ability to adapt quickly and execute through uncertain macroeconomic conditions. DICK’S has a unique and powerful position in the marketplace, and we remain confident in our strategies and our ability to deliver long-term sales and earnings growth,” said Lauren Hobart, CEO of Dick’s Sporting.