From CNBC: 2024-05-29 07:09:36

Dick’s Sporting Goods saw a 5.3% growth in comparable sales, surpassing analysts’ expectations. The retailer’s revenue for the first fiscal quarter was $3.02 billion, leading to a net income of $275 million. Consequently, Dick’s raised its full-year earnings guidance to between $13.35 and $13.75 per share. CEO Lauren Hobart anticipates continued demand for athletic gear.

Consumers are investing in new sneakers and athletic gear from big brands like Nike and Adidas, signaling a resurgence in discretionary spending on apparel and footwear. Positive comparable sales were also reported by retailers such as Ross Stores, Ralph Lauren, and TJX Companies. Demand for brands like Hoka and UGG drove a 21% increase in sales at Deckers.

The state of consumer health and its impact on the apparel and footwear markets are being closely monitored. Companies like Abercrombie & Fitch and American Eagle are set to report earnings, along with Foot Locker, Birkenstock, and Gap. The rise in spending on new clothes and shoes reflects a shift in consumer preferences.



Read more at CNBC:: Dick’s Sporting Goods (DKS) earnings Q1 2024