Dick’s Sporting Goods Earnings: DKS Stock Jumps Despite Q1 Misses

Dick’s Sporting Goods (NYSE:DKS) earnings for the first quarter of  fiscal year 2020 have DKS stock ticking higher on Tuesday. This comes after reported revenue of $1.33 billion was below Wall Street’s estimate of $1.45 billion. Also, the company’s adjusted loss per share $1.71 is much worse than analysts’ expectations of a 57-cent loss for the quarter.

Dick's Sporting Goods Earnings: DKS Stock Ticks Higher on Q1 Beats

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The company also reported GAAP losses per share of $1.71 for the quarter.

Here is what else is worth mentioning from the most recent Dick’s Sporting Goods earnings report.

  • Per-share losses were a negative change from earnings per share (EPS) of 62 cents during Q1 2019.
  • Revenue for the quarter comes in 30.6% lower compared to $1.92 billion during the same time last year.
  • Operating loss of $186.17 million is much lower year-over-year than operating income of $76.07 million.
  • The Dick’s Sporting Goods earnings report also includes a net loss of $143.42 million.
  • That’s way worse than $57.53 million from the first quarter of 2019.
  • The company also reported that its e-commerce sales rose 110% during the period.

Edward W. Stack, chairman and chief executive officer of Dick’s Sporting Goods, said this about the DKS stock earnings:

“Our experienced management team has a history of successfully navigating difficult market cycles and remains fully committed to managing our business with a long-term view. Perhaps most importantly, our balance sheet is strong, and due to the actions taken when the pandemic first hit, we have enhanced liquidity to emerge from this crisis in an even stronger competitive position. Now, with confidence in our liquidity position and our stores re-opening, we can turn our attention to gaining market share for the remainder of 2020 and positioning our business for profitable growth in 2021.”

The company already withdrew its fiscal 2020 guidance on March 18 due to the effects of the novel coronavirus pandemic. That said, we know what Wall Street is expecting. Analysts’ estimates call for EPS of $1.01 on revenue of $7.7 billion.

DKS stock was up over 2% on Tuesday.

Nick Clarkson is a web editor at InvestorPlace. As of this writing, he did not hold a position in any of the aforementioned securities.

Article printed from InvestorPlace Media, https://investorplace.com/2020/06/dicks-sporting-goods-earnings-dks-stock-jumps-despite-q1-misses/.

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