Dick's Sporting Goods Files Q1 2024 10-Q

TL;DR

**DKS Q1 10-Q filed. Financials out.**

AI Summary

Dick's Sporting Goods, Inc. filed its 10-Q for the period ending May 4, 2024. The filing covers financial information for the first quarter of fiscal year 2024. Key financial data and operational details are presented for the company, headquartered in Coraopolis, PA.

Why It Matters

This filing provides investors with the latest financial performance and operational status of Dick's Sporting Goods, crucial for understanding the company's trajectory in the retail sector.

Risk Assessment

Risk Level: low — This is a standard quarterly financial filing with no immediate red flags.

Key Players & Entities

• DICK'S SPORTING GOODS, INC. (company) — Filer
• Coraopolis, PA (location) — Company Headquarters
• 0001089063-24-000070 (filing_id) — Accession Number
• 20240504 (date) — Period End Date

FAQ

Key Financial Figures

• $0.01 — ange on which Registered Common Stock, $0.01 par value DKS The New York Stock Exchan

Filing Documents

• dks-20240504.htm (10-Q) — 684KB
• dks-exhibit_311x20240504.htm (EX-31.1) — 10KB
• dks-exhibit_312x20240504.htm (EX-31.2) — 10KB
• dks-exhibit_321x20240504.htm (EX-32.1) — 5KB
• dks-exhibit_322x20240504.htm (EX-32.2) — 5KB
• 0001089063-24-000070.txt ( ) — 3000KB
• dks-20240504.xsd (EX-101.SCH) — 16KB
• dks-20240504_cal.xml (EX-101.CAL) — 50KB
• dks-20240504_def.xml (EX-101.DEF) — 100KB
• dks-20240504_lab.xml (EX-101.LAB) — 337KB
• dks-20240504_pre.xml (EX-101.PRE) — 219KB
• dks-20240504_htm.xml (XML) — 201KB

FINANCIAL INFORMATION

PART I. FINANCIAL INFORMATION 3

Financial Statements

Item 1. Financial Statements 3

Management's Discussion and Analysis of Financial Condition and Results of Operations

Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations 11

Quantitative and Qualitative Disclosures About Market Risk

Item 3. Quantitative and Qualitative Disclosures About Market Risk 20

Controls and Procedures

Item 4. Controls and Procedures 20

OTHER INFORMATION

PART II. OTHER INFORMATION 21

Legal Proceedings

Item 1. Legal Proceedings 21

Risk Factors

Item 1A. Risk Factors 21

Unregistered Sales of Equity Securities and Use of Proceeds

Item 2. Unregistered Sales of Equity Securities and Use of Proceeds 21

Other Information

Item 5. Other Information 21

Exhibits

Item 6. Exhibits 22 INDEX TO EXHIBITS 22

SIGNATURES

SIGNATURES 23 2 Table of Contents

FINANCIAL INFORMATION

PART I. FINANCIAL INFORMATION

FINANCIAL STATEMENTS

ITEM 1. FINANCIAL STATEMENTS DICK'S SPORTING GOODS, INC. AND SUBSIDIARIES CONDENSED CONSOLIDATED STATEMENTS OF INCOME (in thousands, except per share data) (Unaudited) 13 Weeks Ended May 4, 2024 April 29, 2023 Net sales $ 3,018,383 $ 2,842,181 Cost of goods sold, including occupancy and distribution costs 1,923,090 1,813,564 GROSS PROFIT 1,095,293 1,028,617 Selling, general and administrative expenses 743,399 693,845 Pre-opening expenses 21,095 9,149 INCOME FROM OPERATIONS 330,799 325,623 Interest expense 13,835 15,043 Other income ( 25,392 ) ( 17,707 ) INCOME BEFORE INCOME TAXES 342,356 328,287 Provision for income taxes 67,061 23,638 NET INCOME $ 275,295 $ 304,649 EARNINGS PER COMMON SHARE: Basic $ 3.42 $ 3.67 Diluted $ 3.30 $ 3.40 WEIGHTED AVERAGE COMMON SHARES OUTSTANDING: Basic 80,582 83,071 Diluted 83,346 89,664 See accompanying notes to unaudited condensed consolidated financial statements. 3 Table of Contents DICK'S SPORTING GOODS, INC. AND SUBSIDIARIES CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (in thousands) (Unaudited) 13 Weeks Ended May 4, 2024 April 29, 2023 NET INCOME $ 275,295 $ 304,649 OTHER COMPREHENSIVE LOSS: Foreign currency translation adjustment, net of tax ( 60 ) ( 93 ) TOTAL OTHER COMPREHENSIVE LOSS ( 60 ) ( 93 ) COMPREHENSIVE INCOME $ 275,235 $ 304,556 See accompanying notes to unaudited condensed consolidated financial statements. 4 Table of Contents DICK'S SPORTING GOODS, INC. AND SUBSIDIARIES CONDENSED CONSOLIDATED BALANCE SHEETS (in thousands) (Unaudited) May 4, 2024 February 3, 2024 April 29, 2023 ASSETS CURRENT ASSETS: Cash and cash equivalents $ 1,649,077 $ 1,801,220 $ 1,642,680 Accounts receivable, net 157,855 114,877 132,788 Income taxes receivable 3,738 4,108 16,249 Inventories, net 3,201,148 2,848,797 3,034,202 Prepaid expenses and other current assets 149,948 121,047 117,070 Total current assets 5,161,766 4,890,049 4,942,989 Prope

MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS

ITEM 2. MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS

FORWARD-LOOKING STATEMENTS

FORWARD-LOOKING STATEMENTS We caution that any forward-looking statements (as such term is defined in the Private Securities Litigation Reform Act of 1995) contained in this Quarterly Report on Form 10-Q or made by our management involve risks and uncertainties and are subject to change based on various important factors, many of which may be beyond our control. Accordingly, our future performance and financial results may differ materially from those expressed or implied in any such forward-looking statements. Investors should not place undue reliance on forward-looking statements as a prediction of actual results. These statements can be identified as those that may predict, forecast, indicate or imply future results, performance or advancements and by forward-looking words such as "believe", "anticipate", "expect", "estimate", "predict", "intend", "plan", "project", "goal", "will", "will be", "will continue", "will result", "could", "may", "might" or any variations of such words or other words with similar meanings. Forward-looking statements address, among other things, our expectations regarding our future comparable sales and earnings per share; our belief that many consumers have made lasting lifestyle changes with an increased focus on health and fitness, sports, and outdoor activities, leading to structurally higher sales; current macroeconomic conditions, including the uncertain impact of inflationary pressures, geopolitical conflicts, the end of student loan payment deferments, and elevated interest rates; supply chain disruptions, including factory closures and port congestion; changes in consumer demand for products in certain categories, including fitness and outdoor equipment; the adequacy of our cash flow; our ability to control expenses and manage inventory shrink; the impact of our business optimization efforts completed in 2023; plans to opportunistically open new stores in under-penetrated markets and leverage our real estate portfolio to capita

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View this 10-Q filing on SEC EDGAR