Dick's Sporting Goods saw sales grow well ahead of estimates, following behind other retailers that said consumers are spending on new clothes and shoes.
Dick's Sporting Goods raised its full-year guidance after shoppers spent more on new sneakers and athletic gear at its big-box stores.The footwear and apparel markets have been sluggish over the last year but are beginning to show some signs of life.A shopping cart sits in front of a Dick's Sporting Goods store on August 26, 2020 in Daly City, California.
Here's how Dick's did in its first fiscal quarter compared with what Wall Street was anticipating, based on a survey of analysts by LSEG:The company's reported net income for the three-month period that ended May 4 was $275 million, or $3.30 per share, compared with $305 million, or $3.40 per share, a year earlier.The strong quarter led Dick's to raise its full-year guidance.
CEO Lauren Hobart said she expects "robust demand from athletes" in the quarters ahead, which underscores the company's outlook. Even so, the sales guidance falls a bit flat after the retailer's first-quarter revenue beat. Dick's is expecting full-year revenue to be between $13.1 billion and $13.2 billion, which is also in line with estimates of $13.16 billion, according to LSEG.Over the last year, consumers beaten down by stubborn inflation and high interest rates have pulled back on discretionary items like new clothes and shoes, but the apparel and footwear markets have shown some signs of life over the last couple of weeks.
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