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Dick's Sporting Goods reported first-quarter net sales of $5.17 billion on Wednesday, up 63% from a year earlier, as its newly acquired Foot Locker $FL 0.00% business returned to comparable sales growth for the first time since the end of fiscal 2024.
On a net income basis, the company earned $319.8 million in the quarter, translating to $3.54 per diluted share; in the year-ago period, those figures stood at $264.3 million and $3.24 per diluted share, respectively. Stripping out acquisition charges and litigation settlements left adjusted earnings of $2.90 per diluted share, falling just short of the $2.92 consensus estimate; revenue of $5.17 billion cleared the $5.09 billion analysts had projected, according to CNBC.
The Dick's namesake business posted comparable sales growth of 6%, driven by gains in average ticket and transactions across footwear, apparel, and hardlines. Foot Locker's proforma comparable sales edged up 0.6% — reversing a 2.9% drop in the prior-year period — while the U.S. Foot Locker banner, the primary focus of Dick's turnaround work, delivered a 6.4% gain, according to CNBC. Taken together, the two banners generated proforma consolidated comparable sales growth of 4.1%.
