US' Dick's Sporting Goods posts 5.3% growth in net sales in Q1 FY23

The retailer delivered a notable 3.4 per cent YoY growth in comparable store sales, which was primarily driven by a 2.7 per cent rise in transactions and an increase in the average ticket size.

Furthermore, Dick's Sporting Goods reported a substantial 17 per cent YoY increase in net income, with a total of $305 million, the company said in a press release.

In terms of earnings per diluted share, the company reported $3.40 in Q1 FY23 compared to $2.47 in Q1 FY22, marking a significant increase. On a non-GAAP basis, the company reported earnings per diluted share of $2.85 during the same period.

Ed Stack, executive chairman, said: "Our strong start to 2023 demonstrates the sustained strength of our business. We are very enthusiastic about our strategies and continue to invest in our future to fuel long-term growth opportunities, including a return to square footage growth. I'd like to thank all our teammates for how they delivered in Q1 and for their dedication to Dick's Sporting Goods.

"We are very pleased with our first quarter results. Even as consumers face macroeconomic uncertainties, our athletes have continued to prioritise sport and rely on Dick's to meet their needs, and we continue to gain market share. Our Q1 sales grew 5.3 per cent, driven by strong comps and healthy transaction growth, and we delivered another strong double-digit EBT margin. We remain confident in our ability to drive sales and profitability growth in 2023 and over the long term."

Fibre2Fashion News Desk (DP)