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DICK'S Sporting Goods Slips To Loss In Q1 - Quick Facts

DICK'S Sporting Goods Inc. (DKS) reported a net loss for the first quarter ended May 2, 2020 of $143.4 million or $1.71 per share, compared to net income of $57.5 million, or $0.61 per share for the first quarter ended May 4, 2019.

The company incurred about $62 million of pre-tax expenses, or $0.50 per share, during the latest-quarter, as a result of actions taken to support its teammates as well as impacts from its temporary store closures.

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 share.

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.

Analysts polled by Thomson Reuters expected the company to report a loss of $0.57 per share and revenues of $1.45 billion. Analysts' estimates typically exclude special items.

The company withdrew its fiscal 2020 outlook in March 2020. The company did not provide an updated outlook at this time.

As of May 30, 2020, the company has re-opened about 80% of its stores.

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