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DICK'S Sporting Goods Q1 net loss $143.4 million

Christian Fernsby ▼ | June 3, 2020
DICK'S Sporting Goods reported sales and earnings results for the first quarter ended May 2, 2020.
DICK'S Sporting Goods
DICK'S Sporting Goods   Company reported consolidated net income of $57.5 million
The Company reported a consolidated net loss for the first quarter ended May 2, 2020 of $143.4 million, or $1.71 per diluted share. As a result of actions taken to support its teammates as well as impacts from its temporary store closures, the Company incurred approximately $62 million of pre-tax expenses, or $0.50 per diluted share, during the current quarter, including $34 million of teammate compensation and safety costs and $28 million of inventory write-downs. The Company reported consolidated net income for the first quarter ended May 4, 2019 of $57.5 million, or $0.61 per diluted share.

On a non-GAAP basis, the Company reported consolidated net income for the first quarter ended May 4, 2019 of $58.4 million, or $0.62 per diluted share. First quarter 2019 non-GAAP results exclude a non-cash asset impairment and the settlement of a litigation contingency.

Net sales for the first quarter of 2020 decreased 30.6% to approximately $1.33 billion. Consolidated same store sales decreased 29.5%, driven by temporary store closures that started on March 18, 2020 to help prevent the spread of COVID-19. First quarter 2019 consolidated same store sales were flat.


 

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