Dick's Sporting Goods(DKS) - 2025 Q1 - Quarterly Results

Financial Performance - DICK'S Sporting Goods reported net sales of $3.02 billion for Q1 2024, an increase of 6.2% compared to the prior year[6]. - Comparable sales grew by 5.3%, driven by an increase in transactions and average ticket size[7]. - Net income for Q1 2024 was $275 million, a decrease of 10% from $305 million in Q1 2023[6]. - Earnings per diluted share were reported at $3.30, down 3% from $3.40 in the same quarter last year[6]. - Gross profit for the same period was $1,095,293, representing a gross margin of 36.29%, compared to 36.19% in the prior year[24]. - For the 13 weeks ended May 4, 2024, GAAP net income was $342,356,000, with earnings per diluted share at $3.30, representing a decrease from $304,649,000 and $3.40 for the same period in 2023[30]. - Non-GAAP net income for the same period was $342,356,000, with a consistent earnings per diluted share of $3.30, unchanged from the previous year[30]. - The company reported a net income margin of 11.34% for the 13 weeks ended May 4, 2024, compared to 11.55% in the same period of 2023[30]. Guidance and Future Outlook - DICK'S raised its full year 2024 guidance for comparable sales growth to a range of 2.0% to 3.0%, up from the previous range of 1.0% to 2.0%[7]. - The company also increased its earnings per diluted share guidance for 2024 to a range of $13.35 to $13.75, up from $12.85 to $13.25[7]. - The overall performance indicates a strategic focus on managing expenses while increasing capital expenditures for future growth[30][32]. Capital Expenditures and Investments - DICK'S plans to allocate approximately $900 million in capital expenditures on a gross basis for 2024[11]. - Capital expenditures for the quarter were $157,525, compared to $84,507 in the previous year[28]. - Gross capital expenditures increased to $157,525,000 for the 13 weeks ended May 4, 2024, compared to $84,507,000 in the same period of 2023[32]. - Net capital expenditures for the same period were $126,156,000, up from $60,823,000 in the prior year[32]. - The company provided construction allowances of $31,369,000 for the 13 weeks ended May 4, 2024, compared to $23,684,000 in the same period of 2023[32]. Shareholder Returns - The company repurchased 0.5 million shares at an average price of $207.32 per share, totaling $113.6 million[8]. Assets and Liabilities - Total current assets increased to $5,161,766 from $4,942,989 year-over-year[26]. - Total assets reached $9,704,995, up from $9,107,812 in the previous year[26]. - Cash and cash equivalents at the end of the period were $1,649,077, slightly up from $1,642,680 in the prior year[28]. - Total stockholders' equity increased to $2,687,266 from $2,674,170 year-over-year[26]. Operating Activities - Net cash provided by operating activities was $231,719, a significant improvement from a net cash used of $(48,380) in the same period last year[28]. Expenses - Selling, general and administrative expenses as a percentage of net sales were 24.63% for the 13 weeks ended May 4, 2024, compared to 24.41% in the same period of 2023[30]. - Other income expense was $(25,392,000) for the 13 weeks ended May 4, 2024, compared to $(17,707,000) in the same period of 2023[30]. - Deferred compensation plan adjustments had a minimal impact, with non-GAAP adjustments of $(21,645,000) for the current period[30].