The company posted a fall of 10.11 per cent in net income in Q1 of 2016 to $56.9 million as compared to $63.3 million in the corresponding quarter last year, ended May 2, 2015.
Commenting on the results, Edward Stack, chairman and CEO of Dick’s Sporting Goods said, “We are pleased to have delivered first quarter earnings at the high end of our expectations in a challenging retail environment.”
“The consolidation that is occurring among sporting goods retailers is creating a unique time in the industry. Given the expected near-term liquidation activity in the market, we have adjusted our guidance to contemplate this dynamic,” he informed.
“Over the longer term, we remain confident in our ability to aggressively capture displaced market share and to strengthen our leadership position,” he added.
The company posted net sales of approximately $1.7 billion in the quarter, which was a rise of 6.1 per cent as compared to last year.
Consolidated same store sales increased 0.5 per cent as compared to the company's guidance of approximately 1 per cent increase. (MCJ)
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