DICK’S opened two House of Sport locations in Q1 FY24. Credit: DICK’S Sporting Goods, Inc/PRNewswire.

US omnichannel sporting goods retailer DICK’S Sporting Goods has recorded a 10% decrease in net income in the first quarter (Q1) of fiscal 2024 (FY24), falling to $275m from $305m in Q1 FY23. 

The retailer’s earnings per diluted share (EPS) for the quarter also dropped by 3% to $3.30 from $3.40 in Q1 FY23. 

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During the quarter ending 4 May 2024, net sales for DICK’S Sporting Goods reached $3.01bn, a 6.2% rise from $2.84bn in Q1 FY23.  

This growth was attributed to a 5.3% increase in comparable sales, spurred by higher transactions and average ticket prices.  

The retailer’s income before income taxes also saw an uplift, rising by 4% to $342m in Q1 FY24 from $328m in Q1 FY23. 

As of 4 May 2024, DICK’S Sporting Goods reported total debt of $1.48bn.  

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Executive chairman Ed Stack said: “Our strong first quarter results continue to prove that DICK’S is the go-to destination for sport and sports 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.” 

The company has revised its full-year 2024 guidance upwards, with comparable sales growth now expected to be between 2.0% and 3.0%, an increase from the previously forecasted range of 1% to 2%.  

It expects net sales between $13.1bn and $13.2bn for FY24.  

The retailer also raised its diluted EPS guidance to $13.35 to $13.75, up from the earlier estimate of $12.85 to $13.25. 

The company concluded the quarter with a total of 723 DICK’S Sporting Goods stores and 134 Specialty Concept Stores.