Dick's Sporting Goods ups sales and earnings forecast

Dick’s Sporting Goods delivered 5.3 percent comparable sales growth in the first quarter, with net sales increasing to 3,018 million dollars.

Reported earnings per diluted share were 3.30 dollars with 4 percent EBT growth.

"Our strong first quarter results continue to prove that Dick’s is the go-to destination for sport and sport culture in the US. The product pipeline from our key brand partners and our vertical brand portfolio has never been better. We have significant momentum and are excited about the differentiated product and compelling experience we are providing," said Ed Stack, the company’s executive chairman.

Raising its full year 2024 guidance, the company said comparable sales growth is now expected to be in the range of 2 percent to 3 percent, up from 1 percent to 2 percent previously, net sales to be in the range of 13.1 billion to 13.2 billion dollars, and earnings per diluted share to be in the range of 13.35 dollars to 13.75 dollars, up from 12.85 dollars to 13.25 dollars previously.

Commenting on the outlook, Lauren Hobart, the company’s president and CEO said: "With our comps increasing 5.3 percent and double-digit EBT margin of over 11 percent, we drove continued momentum in our business. Because of our strong Q1 performance, our expectations for continued robust demand from athletes and the confidence we have in our business, we are raising our full year outlook."

On May 28, 2024, the company's board of directors declared a quarterly dividend of 1.10 dollars per share on the company's common stock and Class B common stock.