DICK’S Sporting Goods, Inc. (NYSE: DKS) on Tuesday announced financial results for the first quarter of 2023, reporting an increase in net sales and adjusted profit.
Net sales of the company increased 5.3% year-over-year to $2.84 billion. Comparable store sales rose 3.4%, which marked an improvement from the prior-year quarter when comparable sales declined 8.4%.
Net income, on a reported basis, increased to $305 million or $3.40 per share in the April quarter from $261 million or $2.47 per share last year. Adjusted earnings were $3.40 per share, up 19%.
“We are very pleased with our first quarter results. Even as consumers face macroeconomic uncertainties, our athletes have continued to prioritize sport and rely on DICK’S to meet their needs, and we continue to gain market share,” said Lauren Hobart, CEO of DICK’s Sporting.