US retailer Dick’s Sporting Items’ Q1 FY21 gross sales bounce to $2.9 bn

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Dick’s Sporting Goods, a US-based omni-channel sporting goods retailer, posted sales growth of 119 percent to $ 2.9 billion in the first quarter (Q1) of fiscal year 21 ending May 1, 2021, compared to a year ago Revenue of $ 1.3 billion a year for the corresponding period of the previous fiscal year. The company’s net income increased to $ 361.7 million (Q1 FY20: loss of $ 143.4 million).

“We are very pleased to deliver another exceptionally strong quarter that achieved record first-quarter sales and our highest quarterly result to date, which significantly exceeded our expectations. The strength of our diverse category portfolio, supply chain, technological capabilities and omnichannel execution have helped us continue to capitalize on strong consumer demand in golf, outdoor activities, home fitness and active lifestyle, ”said Lauren Hobart , President and Chief Executive Officer of Dick’s Sporting Goods said.

Gross income for the quarter increased to $ 1.0 billion ($ 219.3 million) while selling, general, and administrative expenses were $ 608.3 million ($ 403.2 million). The company’s operating profit increased to $ 475.8 million (loss: $ 186.1 million).

According to the company, an increase in sales was due to consolidated sales in the same store growing 115 percent in the first quarter of fiscal year 21, which included a 14 percent increase in e-commerce sales.

“We also saw a revival in our team sports business when the kids returned to the field after a year of delaying or canceling many teenage sports activities,” Hobart added. “Looking to the future, we remain very excited about our business and look forward to improving our sales and earnings prospects for the full year.”

Fibre2Fashion News Desk (JL)

Dick’s Sporting Goods, a US-based omni-channel sporting goods retailer, posted sales growth of 119 percent to $ 2.9 billion in the first quarter (Q1) of fiscal year 21 ending May 1, 2021, compared to a year ago Revenue of $ 1.3 billion a year for the corresponding period of the previous fiscal year. The company’s net income increased to $ 361.7 million (Q1 FY20: loss of $ 143.4 million).

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